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AASB staff paper comparing narrative reporting requirements

  • AASB (Australian Accounting Standards Board) (lt blue) Image

26 May 2021

The staff of the Australian Accounting Standards Board (AASB) has published a paper 'Comparison of Narrative Reporting Requirements Applicable to For-Profit Entities' that examines several aspects of narrative reporting requirements for for-profit entities in Australia and selected overseas jurisdictions through their comparison to the draft disclosure objectives expected to be included in the forthcoming IASB exposure draft of a revised IFRS Practice Statement 1 'Management Commentary'.

In preparation for the public outreach to inform the AASB response to the forthcoming IASB exposure draft expected tomorrow, the paper compares the draft disclosure objectives included in publicly available IASB staff papers for each of the main content areas to be included in the forthcoming exposure draft of the revised practice statement with existing narrative reporting requirements applicable to for-profit entities in Australia, Canada, Germany, Hong Kong, New Zealand, Singapore, South Africa, the United Kingdom, and the United States.

The staff paper identifies possible sources of the best practice in relation to the narrative reporting requirements for for-profit entities and outlines several areas that could be considered in the effort to maintain Australian narrative reporting in step with global best practice.

Please click to access the staff paper on the AASB website.

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