Findings of the latest review of disclosures made by listed entities explaining the impact of adopting the Australian equivalents to International Financial Reporting Standards (AIFRS), have recently been released by the Australian Securities and Investments Commission (ASIC).
According to ASIC's chairman, Mr Jeffrey Lucy, the transition to AIFRS has been an important issue for companies, auditors, investors and the market. Mr Lucy stated that ASIC is pleased to see corporate Australia rising to the challenge and continuing the smooth transition.
ASIC reviewed the disclosures made in financial reports by over 1250 listed entities with balance dates between 30 June and 31 July 2005.
It was pleased to find that all entities reviewed had successfully provided the required commentary explaining the key differences in accounting practices expected under AIFRS, as required by AASB 1047 'Disclosing the Impacts of Adopting Australian Equivalents to International Financial Reporting Standards'.
See full Article.
Posts
