Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards
  • Type: Survey report
  • Date: 20/01/2011

Underlying Profits Report

The Underlying Profits Report examines the non-statutory reporting practices of ASX top 100 companies.

Underlying profits report FY10 

An analysis of the non-statutory reporting practices of ASX top 100 companies for the 2010 financial year reveals that companies still overwhelmingly favour reporting underlying profit measures, despite strong signals from ASIC that it will soon regulate the practice.
Underlying profits report FY10 cover image
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Key insights

  • For the second year in a row, 83 percent of companies reported some form of non-statutory profit
  • 63 percent of companies presented underlying profit as the ‘headline’ measure of performance - down from 76 percent in 2009
  • There has been a strong increase in the number of companies providing a reconciliation between statutory and non-statutory profit, from 73 percent in 2009 to 90 percent in 2010
  • 60 percent of companies are now explaining why they reported a non-statutory profit measure, up from 24 percent in 2009.
 

Financial Statement Audit

KPMG provides independent audit services that help to enhance the reliability and credibility of the financial reporting undertaken by clients.