The Australian and New Zealand standard
setters have issued joint exposure drafts that are intended to
remove many of the differences between the two countries’ financial
reporting regimes for for-profit entities.

When Australia and New Zealand adopted IFRS,
each country made some minor changes to the international
standards. Some changes were the same in both jurisdictions, but
others were different.

In August 2009, both governments committed to
working towards one set of financial reporting standards for
companies that operate in both countries in order to reduce the
compliance burden.

The current exposure drafts, prepared by the
New Zealand Financial Reporting Standards Board and the Australian
Accounting Standards Board, represent the first phase of a longer
term project.

Comments are due by 8 October and it has been
proposed that the amendments will be effective for annual reporting
periods beginning on or after 1 July 2011, with early adoption
permitted.

AASB Exposure Draft 200B/ FRSB Exposure Draft
122 (Proposed Separate Disclosure Standards)

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.