AUSTRALIA - The Australian Securities and Investments Commission (ASIC) said the transition to International Financial Reporting Standards (AIFRS) was running smoothly.
AIFRS applies to all financial reporting periods from 1 January 2005 and ASIC has described the latest review of financial report disclosures as “very positive”.
The initial stages of the switch proved positive, with all 1250 listed entities providing the required disclosure under AASB 1047 by explaining the key differences in accounting policies they expected to arise under AIFRS.
Jeffrey Lucy, ASIC chairman described the AIFRS switch as an important issue for companies, auditors, investors and the market as a whole.
“We are pleased to see corporate Australia rising to this challenge and continuing the smooth transition,” he said.
Only 19 of the 1250 entities had concluded that there would be no material impacts arising from the transition and therefore did not list key differences, ASIC said.
ASIC said 50 entities had not quantified the impact of any of the key differences identified and a further 20 had not finalised their determination of the impact.
The large number of entities that had quantified the expected impact of AIFRS would enable readers of their financial reports to understand the nature and extent of those changes, said Lucy.
“However, we strongly encourage the boards and audit committees of those entities yet to quantify the impact of key differences, along with the remainder who have only quantified some of their key differences, to complete the assessment to determine the impact of all of all of the key differences in accounting policies that will arise when they adopt AIFRS.”
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