Australia's corporate watchdog is warning companies it will target going-concern statements related to debt refinancing and the value of asset writedowns, of which it expects more, in the coming reporting season.

In a review of 350 June 2009 full-year accounts, the Australian Securities and Investments Commission claims some companies were unrealistic about growth and discount rates and others failed to show how they determined fair values of assets, particularly investment properties.

ASIC commissioner Michael Dwyer said the review highlighted a number of areas where companies and auditors needed to pay greater attention.

The Australian