Australia

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.

Kim Heng

Kim Heng

Partner

+61 2 9455 9120

Patricia Stebbens

Patricia Stebbens

Partner

+61 3 9288 6261

Peter Carlson

Peter Carlson

Partner

+61 3 9838 4118

Australian accounting standards are based on IFRS. In a volatile financial environment the International Financial Reporting Standards have been severely stress tested.

 

While there has been some debate around certain standards, overall the transparency of financial results has been important to users in managing their way through the global financial crisis.

 

Of course, accounting standards continue to evolve and we are about to see another wave of new requirements. Understanding and keeping up with on-going revisions and amendments is an important responsibility for commercial entities.

 

Seeking professional advice will ensure you are well informed and prepared for the developments in accounting and reporting practice most relevant to you.


How we can help
KPMG has extensive experience in applying accounting standards, both Australian accounting standards and IFRS, to a range of transactions.

 

We provide pragmatic and commercially focused advice on the application of accounting standards to ‘real-world’ issues. Our professionals can assist with areas including: financial instruments, impairment of assets, consolidation of business entities and financial statement presentation.

 

KPMG also has an extensive range of publications dealing with financial reporting as well as the implications of changing accounting standards in Australia.

 

We offer high-level technical capabilities, a client focused culture and access to a global network of respected accounting professionals. Our advice is clear, concise and relevant.