With 31 December 2005 looming, many companies are nearing the end of their projects for transition to Australian equivalents of IFRSs. Most projects have focussed on the differences in measurement and recognition. However, entities will potentially have to significantly rework the form and content of their financial report in 2005. This Accounting Alert provides an overview of some of the key new disclosures that will be required under A-IFRSs. These include a new primary statement, sources of uncertainty and judgement, increased reconciliations, and much more information on certain types of transactions. Further details on disclosure requirements may be found in the model financial reports and presentation and disclosure checklists, available on our
Australia Page. Links to all past Australian Accounting Alerts are
Here.