Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 15/12/2011

Reporting Updates

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

11RU-020 Regulatory guide on disclosing non-IFRS financial information guidance 

This Reporting Update discusses Regulatory Guide 230 Disclosing non-IFRS financial information. The guide is effective for 31 December 2011 and outlines ASIC's views on how non-IFRS financial information, like underlying profits and pro forma financial information should be disclosed.

The regulatory guide applies to all market releases, not just financial reports and also addresses pro forma financial information in transaction documents.

 

In order to comply with the regulatory guide the majority of entities will need to revise current practices for the disclosure of non-IFRS financial information.

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.