Watchdog queries reports

Photo / NZ Herald

The Securities Commission has raised concerns with companies about aspects of their financial reporting, particularly the lack of clear information for investors.

It wrote to 16 out of 20 companies with a balance date of last March 31 raising 30 issues about the information in their reports. The review showed an improvement in disclosures about investment property revaluations.

However, better information was still needed about operating segments, key business judgments and assumptions, and impairment relating to goodwill.

The review focused on the NZIFRS 8 "Operating Segments" standard, introduced to give investors clear information about a company's operations and the information used to make operating decisions.