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ASIC Updates FAQ’s on COVID-19 financial reporting

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ASIC yesterday announced that the COVID-19 FAQs on financial reporting and audit were updated. The most significant addition at this time is the incorporation of further information for directors and auditors relating to the solvency statement to FAQs 11 and 12. 

Please note that ASIC also made minor changes to FAQs 2 and 6 on Monday last week. FAQ 2 refers to the use of probability-weighted scenarios for impairment of non-financial assets, and FAQ 6 clarified that the liability for private health insurers is a claims liability.

To see the revised FAQs, please click here.

ASIC also announced that it is planning to release the focus areas for 30 June 2020, along with a new FAQ on lessor rent concessions. A release date was not yet announced.

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