|Today, ASIC has urged directors and other persons responsible for preparing financial reports to assess the impact that the uncertain market and economic conditions may have on the full and half-year reports ending 30 June 2023.ASIC has highlighted a number of areas for attention:asset values;provisions;solvency and going concern assessments;events occurring after year-end and before completing financial report; anddisclosures in the financial report and Operating and Financial Review (OFR).Ultimately, directors are responsible for the quality of the financial reports. ASIC has warned of the importance of directors ensuring that investors are properly informed of the potential impact of changing and uncertain economic conditions on the company’s future performance.If you require any advice on your obligations as a director of a company with regard to financial reporting, please contact Glenn Vassallo (Managing Director) or Scott Standen (Director).
IntroductionThe High Court of Australia has declared that Victoria’s electric vehicles tax is invalid in Vanderstock v Victoria  HCA 30. Aside from the obvious immediate effect that the tax will no longer apply, this decision will have radical consequences for the way State Governments collect tax revenue. It may also impact any company who has passed