Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards
  • Type: Regulatory update
  • Date: 7/03/2014

Reporting Updates

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

14RU-002 Financial reports of stapled entities – Update 

In October 2013, ASIC released Consultation Paper 217 Presentation of financial statements by stapled entities (CP 217). CP 217 proposed that ASIC would issue a class order allowing stapled entities to present combined (not consolidated) financial statements covering all of the entities whose securities are stapled.

Key insights

  • Issue now considered by IFRS Interpretations Committee.
  • Accounting Standards require stapled group to prepare consolidated financial statements.
  • ASIC to reconsider ‘interim’ guidance issued to date.

 

 

Further details can be found in Reporting Update 13RU-013 Financial reports of stapled entities.

 

Financial Reporting & Accounting Standards

By adopting International Financial Reporting Standards (IFRS), Australia has taken an important step in delivering more transparent financial information for shareholders and regulators.