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NIA urges simplified disclosure of IFRS transition

  • Australia Image

18 Jan 2005

Australia's National Institute of Accountants has (PDF 15k) that Australian companies clearly explain the impact of adopting IFRSs to their shareholders.

Australia is adopting IFRS 'equivalents' effective in 2005. While Australian accounting standards require companies to explain the impact of moving to IFRSs in their financial statements, based on a review of disclosures made by companies whose financial years ended in mid-2004, the NIA believes that "most shareholders would have some difficulty understanding what the changes mean."

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