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Smooth transition to IFRSs in Australia

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23 Jan 2006

The Australian Securities and Investments Commission has released a summary of its latest review of the recently introduced Australian equivalents to International Financial Reporting Standards (AIFRSs).

ASIC reviewed disclosures made in financial reports by 1,250 listed companies with balance dates between 30 June and 31 July 2005. ASIC found that "all entities reviewed had successfully provided the required disclosure of the impacts of AIFRSs by explaining the key differences in accounting practices they expected under AIFRSs".
  • Only 19 of the companies reviewed concluded that there would be no material impact arising from the adoption of the new standards.
  • About 700 of the companies provided disclosure of the quantitative impact for each point of key difference.
  • A further 480 companies quantified some of the key differences.
AIFRSs apply to financial reporting periods from January 1, 2005. Click for (PDF 52k).

 

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