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IAASA outlines key areas to consider for 2019 financial statements

Sep 18, 2019

IAASA has published its annual Observations paper highlighting some key areas that warrant close scrutiny by those preparing, approving and auditing 2019 financial statements in the upcoming reporting season including:

  • the impact of new accounting standards – governing revenue measurement and recognition, lease financing and bad debt provisioning;
  • identification and disclosure of the significant judgements made in preparing financial statements and the sources of estimation uncertainty inherent in those financial statements;
  • the presentation of key performance indicators (KPIs) or alternative performance measures (APMs); and
  • disclosures of the maturity analysis (or ageing profile) of financial liabilities which can indicate the risk that a company will have difficulties in paying its financial liabilities.

The 2019 Observations paper may be accessed here.

Source: IAASA