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ASIC has called on companies to focus on new requirements that can materially affect reported assets, liabilities and profits ahead of 30 June.
Full-year reports at 30 June 2019 must comply with new accounting standards on revenue recognition and financial instrument values, including hedge accounting and loan loss provisioning, ASIC has warned.
These new accounting standards will have the greatest impact on financial reporting for many companies since the adoption of International Financial Reporting Standards (IFRS) in 2005, ASIC said.
It cautioned that there are also new standards covering accounting by insurers and the definition and recognition criteria for assets, liabilities, income and expenses.
"New accounting standards can significantly affect results reported to the market by companies, require changes to systems and processes, and affect businesses," ASIC commissioner John Price said.
Mr Price advised directors and management to ensure that companies inform investors and other financial report users of the impact on reported results. Required disclosure on the effect of the new standards is more extensive than that made by many companies for the 31 December 2018 half year.
ASIC also announced it will be reviewing more than 200 full-year financial reports at 30 June 2019 to promote quality financial reporting, and useful and meaningful information for investors.