You are required to write a business report to the Head of ASIC’s Financial Reporting Surveillance Program, Zachary King†, covering the following areas:
1. Briefly summarise the importance of the operating and financial review in assessing how the financial information can assist users to make resource allocation decisions in light of the current COVID-19 pandemic. You may need to refer to some financial and business periodicals/newspapers for the financial impact of the crisis.
2. Critically evaluate whether the disclosures made by the company are consistent with the guidance provided by ASIC in Sections B, C and D of the guide (RG 247) and whether they effectively disclose the sources of estimation uncertainty as per paragraphs 125-133 of AASB 101 Presentation of Financial Statements.
3. How do the disclosures made by your chosen company in Part 2 above meet the objective of financial reporting and the fundamental characteristics of financial reporting as per the Conceptual Framework?
4. Based on your analysis in Part 3, provide recommendations on how your chosen company can enhance their disclosures for the year ended 30 June 2020 so that they are more closely linked with the objective of financial reporting with specific reference to the impacts of the COVID-19 pandemic on their business
You need to attach a copy of the relevant parts of the annual report showing disclosures made by the company under the OFR. Do not attach the entire annual report
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