55 paragraphs found
The Australian Accounting Standards Board issued Accounting Standard AASB 1039 Concise Financial Reports , the latest revision of which, dated April 2015, is operative for financial reporting periods beginning on or after …
AASB 1039, inter alia, specifies the minimum content of a concise financial report, including a requirement that the financial statements forming part of the concise financial report, other than those of a listed company, be accompanied by discussion and …
AASB 1039 adopts the view that the information reported in the financial statements forming part of the concise financial report will be enhanced by discussion and analysis of the principal factors which affect the financial performance, financial …
AASB 1039 does not require the financial statements, forming part of the concise financial report of listed companies, to be accompanied by discussion and analysis. This is so as to avoid repetition of information required to be included in the directors’ …
Whilst AASB 1039 does not mandate specific discussion and analysis disclosures, paragraph 27 of the Standard provides examples of the types of disclosures that may, at least, be expected to accompany the financial …
Given that the concise financial report is an alternative form of reporting to members under the Act, and that the Act prescribes the auditor’s reporting requirements, the AUASB takes the view that the audit of the concise financial report is treated, by …
In order to avoid any misunderstandings in relation to the audit of the concise financial report, the auditor complies with the engagement acceptance requirements in ASA 810 Engagements to Report on Summary Financial Statements . The auditor agrees the …
In addition to the specific requirements in ASA 810 , the terms of engagement ordinarily include the objective and scope of the audit of the concise financial report (including the audit of discussion and analysis disclosures in that report). Such …
Reference to “audit” and “audit procedures” in the illustrative examples of an auditor’s report on the concise financial report (see Appendix 1 ) relate to all procedures that have been performed by the auditor (i.e. regarding both the financial report …
When selecting and applying procedures in addition to those performed in relation to the financial report for the year, the auditor complies with ASA 810 …