ASIC notes the decision by MMA Offshore Limited (MMA Offshore) to write down property, plant and equipment relating to the Vessels business by $254 million in its financial report for the half-year ended 31 December 2016.　

ASIC reviewed MMA Offshore's 30 June 2016 financial report as part of its ongoing financial reporting surveillance program. ASIC raised concerns regarding the value of property, plant and equipment relating to the Vessels business.

As outlined in ASIC media release 16-428 ASIC calls on preparers to focus on useful and meaningful financial reports, impairment testing and asset values remains a focus area of our financial reporting surveillance.