Increased Focus On Half-Yearly Accounts

Key Point

• ASIC recently issued some warnings that should be taken into account when preparing upcoming half-year financial reports.

As we move into the half-year reporting season, the market will be taking a close look at how companies account for the global financial crisis. Accordingly, the preparation of half-year financial statements will definitely not be a case of "business as usual".

ASIC recently used its review of 2008 annual reports to issue some warnings that should be taken into account when preparing upcoming half-year financial reports. Having reviewed full-year reports for 2008, it is likely that ASIC will conduct a similar exercise on half-year reports, in order to test compliance with these matters.