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Snapshot of IAASA’s financial reporting enforcement activities in 2016

10/01/2017

19 companies provide 61 undertakings to improve their financial reporting

IAASA has today published summary information of its financial reporting enforcement activities undertaken during 2016.

The primary function of IAASA’s Financial Reporting Supervision Unit (FRSU) is to examine the compliance of financial reporting of those listed entities coming within its remit with applicable accounting standards.

In 2016, IAASA: 

  • examined the annual and half-yearly financial statements of 45 companies; and 

  • raised 164 separate matters with those companies.

As a result, 19 companies have provided 61 undertakings to improve their financial reporting in future years. One company voluntarily re-filed its financial report after an IAASA examination.

IAASA carried out five thematic examinations of aspects of companies’ financial reporting practices and published the results of those desk-based surveys.

To date, IAASA has published the outcome of financial reporting decisions reached in 2016 in respect of four companies.

The Snapshot document may be accessed here.

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