Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 10/06/2011

Reporting Updates

Reporting Updates
Reporting Updates (formerly known as Flash Reports) outline changes occurring within the Australian financial reporting environment.

11RU-008 AASB Closing the Trans-Tasman disclosure gap for for-profit entities 

As a result of the Australian and New Zealand harmonisation project, the Australian specific disclosure paragraphs have been relocated to a new separate standard, simplifying and/or eliminating some disclosures.

Key points

 

  • Removal of guidance on how to recognise the elimination of an unrealised gain or loss arising from investments in jointly controlled entities.
  • Removal of time bands for capital and expenditure commitments.
  • Simplification of Auditors' renumeration disclosures.
  • Applicable for reporting periods beginning on or after 1 July 2011, with early adoption permitted.

 

This Reporting Update supersedes 10RU-019 issued in August 2010.

 

IFRS Briefing Sheets - International financial reporting updates 

Financial Reporting & Accounting Standards

KPMG has extensive experience in applying accounting standards, both Australian accounting standards and IFRS, to a range of transactions.