Tuesday, 13th November, 2012: IAASA has today published observations on selected 2012 year end financial reporting issues affecting entities falling within IAASA’s financial reporting review remit. The challenging economic environment results in continued risk and uncertainty in the recognition, measurement and classification of revenues, expenses, assets and liabilities in 2012 financial statements as well as to associated risks in the context of presentation and disclosure.
The importance of the role played by Boards of Directors and Audit Committees in considering and approving periodic financial reports, as prepared on the directors’ behalf by management, remains all the more important in this challenging economic environment. Set against this backdrop the observations document has been developed with a view to providing information and assistance to issuers’ Boards and Audit Committees.
Stakeholders in entities not falling within IAASA’s financial reporting review remit may also find the observations document of value.
The document can be accessed here:
IAASA has in previous years issued similar documents and these may be accessed below: