• Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 19/12/2011

Reporting Updates

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

11RU-022 APRA's latest response on LAGIC 

This Reporting Update outlines the proposals in the APRA Response Paper and the 14 draft prudential standards released on 9 December 2011, regarding the revisions to Life and General Insurance Capital ("LAGIC") Standards. Submissions are due by 24 February 2012.
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Key points

  • Further refinements to prescribed capital requirements
  • APRA aligning capital requirements to Basel III
  • Clarifications around ICAAP and supervisory adjustments
  • 1 January 2013 effective date for new standards.
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.