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ASIC reports on corporate insolvencies 2016-17 

ASIC published its annual overview of corporate insolvencies based on statutory reports lodged by external administrators for the 2016-17 financial year on 12 December 2017. 

Report 558 Insolvency statistics: External administrators’ reports (July 2016 to June 2017) (REP 558) provides information on the nature of corporate insolvencies, supplementing the monthly statistics that ASIC publishes on its website. 

Key highlights of ASIC’s report can be found here

ASIC’s regulatory sandbox proposal to remain unchanged 

ASIC released a review of its regulatory sandbox, introduced in December 2016. In the review ASIC proposes to retain class waivers known as the fintech licensing exemption, that allow eligible financial technology (fintech) businesses to test certain specified services without holding an Australian financial services or credit licence. ASIC had committed to reviewing its fintech licensing exemption following 12-18 months' operation. 

The consultation paper and review can be found here. 

Focus on financial report quality and new requirements 

ASIC has called on companies to focus on giving information for users of financial reports that is useful and meaningful, and to address the impact of major new accounting requirements. 

ASIC Commissioner John Price said, “As with previous reporting periods, directors and auditors should focus on values of assets and accounting policy choices. ASIC continues to see companies use unrealistic assumptions in testing the value of assets or applying inappropriate approaches in areas such as revenue recognition.” 

More information can be found here

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