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Meaningful disclosures on risk exposures, on the way these risks are managed by an entity’s management and on the key judgements and estimates made by management in preparing their financial statements will remain essential.
Entities’ management need to ensure that they properly and fairly evaluate and estimate the value of the different elements in their entities’ financial statements and prepare thoroughly for their assessment of the entity’s ability to continue as a going concern and make appropriate disclosures.
Without aiming at being comprehensive the policy statement raises the attention to the following issues that FEE believes require particular consideration in the 2009 year-end financial statements and related audit: going concern; fraud; financial instruments and impairment.
FEE Policy Statement on the debate on the Crisis
FEE News Release