Australia proposes to undo changes it made to IFRSs
02 Dec 2006
On 30 November 2006, the Australian Accounting Standards Board (AASB) issued Exposure Draft ED 151 Australian Additions to, and Deletions from, IFRSs for comment.
ED 151 can be downloaded from the AASB Website (PDF 100kb). ED 151 reflects the AASB's recent decision to make Australian accounting requirements the same as IFRSs in respect of for-profit entities. To this end, the exposure draft proposes reinstating various accounting policy options that were previously deleted in making the existing suite of A-IFRS, and removing certain Australian-specific disclosures.
Click for Deloitte Accounting Alert (PDF 41k).
Options in accounting and disclosure ED 151 proposes to allow entities the option to:
Reducing the magnitude of additional disclosures ED 151 also proposes that entities no longer be required to make Australian specific disclosures relating to:
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