Australia to modify IFRS figures for bank regulation
27 Feb 2005
The Australian Prudential Regulation Authority has released the first of two discussion papers setting out its proposed regulatory response to the adoption of International Financial Reporting Standards by APRA-regulated institutions.
APRA is the prudential regulator of the Australian financial services industry. It oversees banks, credit unions, building societies, and insurance companies, among others. Australia has adopted national GAAP that starting in 2005 is virtually equivalent to IFRSs. The APRA noted that its objective is to "align its prudential and reporting standards with Australian accounting standards and principles to the extent practicable.... In certain circumstances, however, APRA's prudential framework will depart from accounting standards." Among the areas of departure cited in the discussion paper are:
APRA also states that it will wait until after implementation of A-IFRSs to assess other areas, including leases, impairment, business combinations, share-based payment, joint ventures, and provisions. Click to download:
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