Australia clarifies compliance with IFRS

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30 Jun 2010

The Australian Parliament has passed financial reporting reform legislation which require an explicit statement of compliance with IFRS in the directors declaration accompanying the financial statements.

The change is designed to counter a lack of awareness that the financial statements of Australian companies and other reporting entities are compliant with IFRS (Australia has a series of Accounting Standards that are equivalent to IFRS for for-profit entities). The change will apply to financial statements from 30 June 2010. The reforms also remove the previous requirement to include both parent and consolidated financial statements in annual reports and make various other amendments. Deloitte (Australia) has produced an Accounting Alert explaining the changes. Click for:


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