Details

  • Service: Audit, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 7/03/2013

Reporting Updates

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

13RU-001 Investment entities – a time to act 

This Reporting Update notes for the first time an IASB exemption for investment entities is not available in Australia at the same time as internationally.
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    Key insights

    • Investment entity amendments issued by IASB.
    • Amendments have not yet been endorsed by the AASB.
    • AASB proposals require dosclosure of consolidated financial information, imposing additional requirements to international counterparts.
    • There is a risk the amendments will not be permitted in Australia, removing IFRS compliance for these entities.
 

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