Australia considers extending consolidation and related exemptions
21 Sep 2010
The Australian Accounting Standards Board (AASB) has issued an exposure draft which would permit more Australian entities to avoid consolidation under AASB 127 Consolidated and Separate Financial Statements, equivalent to IAS 27 of the same name.
Under Australian Accounting Standards, some entities, including not-for-profit entities and entities applying the AASB's differential reporting regime, are not able to state compliance with IFRS due to specific Australian requirements or disclosure exemptions. The AASB's proposals in ED 205 Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation would permit entities that are otherwise compliant with Australian Accounting Standards to take advantage of the exemptions in IAS 27, IAS 28 and IAS 31 in some cases.
Click for:
- Deloitte Australia Accounting Alert explaining the AASB's differential reporting regime
- Our Australia country page.
