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

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