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FRC releases minutes from 'Reducing Complexity' and 'Integrated Reporting' Task force meetings

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27 Oct 2011

The Australian Financial Reporting Council (FRC) has released minutes from meetings of two of its task forces.

The meetings are as follows:

  • Reducing Complexity Task Force meeting held on 22 July 2011. The minutes (link to FRC website) include:
    • introductory comments from members - including the possibility of 'quick wins' in respect of corporations law and other reporting requirements and the restrictions imposed by Australia's compliance with IFRS
    • the task force work program - the report on Phase 1 of the project and the task force's recommendations to the FRC are expected to be tabled at the FRC meeting scheduled for 9 March 2012
    • stakeholder feedback from accounting firms - no responses had been received
    • member views about complexity - topics discussed included issues with Australia's adoption of IFRSs, the complexity of global standard setting, the use of XBRL, assurance and other issues
    • a meeting with an academic, Prof Jayne Godfrey (Dean of the Australian National University College of Business and Economics) - it was noted one source of complexity is complex transactions, with sources of information about such reporting including: recognition, disclosures, intangibles, audit issues and taxation, and that literature tends to focus on sophisticated investors
  • Integrated Reporting Task Force 26 August 2011. The minutes (link to FRC website) include a summary of a discussion on what an integrated report would entail and its the key desirable features (unified report, with assurance, globally comparable, applying to publicly listed entities), and recommendations including that the FRC should take a lead in presenting Australian stakeholders' views regarding integrated reporting.

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