A survey of directors, auditors and other financial professionals has revealed that, on average, directors believe their knowledge of the more technical accounting issues was just “fair”.
While the survey, conducted by the Financial Reporting Council, acknowledged a large diversity between directors of ASX top 200 companies, versus other listed, non-listed, not-for-profits, and superannuation trustees, almost all survey respondents acknowledged concerns about directors’ knowledge of financial reporting.
In response to the concerns, the Australian Securities and Investments Commission (ASIC) – in conjunction with Chartered Accountants Australia and New Zealand (CA ANZ), Australian Institute of Company Directors, CPA Australia and the Institute of Public Accountants – has developed a confidential quiz to test your financial reporting knowledge.
The 10 multiple choice questions seek to provide self awareness of general competence, education, and links to additional resources/training. They focus on the more technical elements of financial reporting rather than broader financial knowledge.