ASIC calls for extra care from corporate Australia
Updated
Australia's corporate regulator has warned that the global credit crisis will require companies to take extra care during the looming profit reporting season.
The Australian Securities and Investments Commission (ASIC) says there will be significant challenges as corporate Australia approaches the end of the financial year.
It says that those people preparing and approving reports and carrying out audits will need a strong understanding of the potential impact of the market turbulence and liquidity squeeze.
ASIC says it is essential that companies understand the risks they face and adequately assess, measure and disclose them.
Our reporter, Adrian Thirsk, says new accounting standards impose an even greater onus to provide detailed information.
