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17-333MR Success Global Media writes down goodwill
ASIC notes the decision by Success Global Media Limited (Success) to write down goodwill by $936,000 in its financial report for the half-year ended 30 June 2017.
ASIC had raised concerns with the cash flow forecasts used by Success in testing the value of goodwill in its financial report for the year ended 31 December 2016.
As outlined in ASIC media release 16-428MR ASIC calls on preparers to focus on useful and meaningful financial reports, the application of impairment testing and asset values remains a focus area of ASIC's financial reporting surveillances.