Australian companies transition to AIFRS

ASIC have released the findings of their latest review of financial report disclosures made by listed entities explaining the impact of adopting the Australian equivalents to International Financial Reporting Standards (AIFRS).AIFRS will apply for financial reporting periods beginning on or after January 1 2005.ASIC reviewed the disclosures made in financial reports by over 1,250 listed entities with balance dates between June 30 2005 and July 31 2005. All entities reviewed had successfully provided the required disclosure under AASB 1047 ‘Disclosing the Impacts of Adopting Australian Equivalents to International Financial Reporting Standards’ by providing a narrative explanation of the key differences in accounting policies they expected to arise as a result of adopting AIFRS.

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