ASIC notes the decisions by the following companies:
In general, the impacts of COVID-19 have been disclosed as non-adjusting subsequent events for the purposes of 31 December 2019 financial reporting.
As outlined in ASIC media release 19-341MR Financial reporting focuses for 31 December 2019, asset values remain focus areas for financial reporting at 31 December 2019.
Directors are primarily responsible for the quality of an entity’s financial report. This includes ensuring that management produces quality information on a timely basis. Companies must have appropriate processes, records and analysis to support information in the financial report.
Companies should apply appropriate experience and expertise to financial reporting, and to the processes and analyses supporting the information in the financial report. This is particularly important for potentially complex areas such as accounting estimates and asset values.