Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 25/07/2011

Reporting Updates

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

11RU-011 Building financial reports post-Centro 

This Reporting Update explains the facts and findings of the 2011 Centro decision, considers the responsibilities of directors for approving financial statements and explores some of the key lessons from the decision, specifically about preparing the financial statements and the process of obtaining director approval, from the point of view of management.
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Key points

  • The Centro decision may clarify each director's responsibility for approving financial statements.
  • Directors may change their approach to the approval process
  • The manner, extent or timing of information reported to directors may change.
IFRS Briefing Sheets - International financial reporting updates