Accounting alerts: #5 2015
ASIC releases information sheet on the role of directors and audit committees in relation to impairment of non-financial assets
Impairment of non-financial assets, such as goodwill, identifiable intangible assets and property, plant and equipment is a significant focus area for ASIC and a number of companies have made restatements in this area as a result of ASIC’s Financial Statement Surveillance Programme.
Financial reporting is undergoing rapid change, particularly with the IASB finalising a number of projects effective over the next few years. The need to be kept informed of the latest developments has never been more important.
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