This publication has been designed to assist with the current disclosure and presentation of IFRS-based Australian Accounting Standards for the financial years ending 31 December 2013 and 30 June 2014. The What’s new? page and Appendix I will help to determine which requirements are applicable to a period end based on the annual reporting date.
It illustrates one possible format for annual financial statements based on a fictitious multinational corporation involved in general business, which is not a first-time adopter of AASBs. With Australia’s close alignment to IFRS, a substantial portion of Example Public Company Limited has been drawn from the illustrative disclosures publication prepared by our international colleagues based on ‘pure’ IFRS.
Additional Australian-GAAP specific disclosures and alternative presentation methods that are commonly used in Australia have been illustrated in a separate section just before the main financial statements. A clear cross reference to the Australian section is included on affected international pages.