On Dec. 13, AST ASIC issued focus areas for 2024 financial reports.
AST ASIC announced focus areas for financial reports for year ending Dec. 31, 2024, which require significant judgment and estimates, based on non-compliance patterns.
Follows AST ASIC May 2024 highlighted focus areas for Jun. 30 reporting, #212216.
Focus Areas
Impairment and asset values assessment, provisions calculation and recognition, post year-end events prior to report completion, and financial report and operating and financial review disclosures; first year for consolidated entity disclosure statement.
AST ASIC to review reports of registrable superannuation entities with Dec. year ends.
Sustainability and climate reporting requirements commence for years beginning Jan. 1, 2025, initially affecting largest entities under chapter 2M of Corporations act 2001.
Compliance Monitoring
AST ASIC targeting non-compliant formerly grandfathered large proprietary companies required to lodge report since Dec. 2022/Jun. 2023; contacting non-compliant entities.
Continuing surveillance of auditor independence, conflicts of interest into early 2025.
