ASIC’s approach to regulation during COVID-19
To assess the ongoing impact of the COVID-19 pandemic on the Australian economy, one very important source of information available to markets to make this assessment is the annual financial reports produced by Australian companies.
In this podcast episode, you’ll hear from Doug Niven, ASIC’s chief accountant, on their approach to regulation and support in the COVID-19 environment. Niven will discuss ASIC’s focus areas for financial reporting in the current economic environment, as well as their frequently asked questions, to assist preparers and auditors tackle some of the challenges that could arise from COVID-19 related impacts. Listen now.
Guest: Doug Niven, Chief Accountant, ASIC
Host: Ram Subramanian, Policy Adviser – Reporting, CPA Australia
Accounting for entitlements – casual employees (PDF)
Following a recent Federal Court of Australia ruling on casual employment classification in the Workpac Pty Ltd v Rossato case, ASIC issued an FAQ on the accounting implications. CPA Australia has collaborated with CA ANZ and AICD to develop and publish this guide to provide further guidance and background that builds on ASIC’s recently issued guidance. This guide also provides some general information on the legal considerations that organisations may have to take into account when considering the application of the recent court case to their circumstances.
COVID-19 implications for financial reporting and audit: Frequently asked questions (FAQs) from ASIC
ASIC focuses for financial reporting under COVID-19 conditions
ASIC review of 31 December 2019 financial reports