ASIC wants answers

COMPANIES failing their reporting duties will be asked to explain their actions, says Australian Securities and Investments Commission chief accountant Jan McCahey.

Ms McCahey said areas that needed addressing included amortisation of intangible assets, environmental reporting and directors’ emoluments.

“We are very disappointed that some companies appear to have chosen to disregard the requirements of accounting standards and other reporting requirements of the law,” Ms McCahey said.