Public companies in Australia continue to challenge themselves to prepare more relevant and user-friendly financial reports. There has been a marked increase in companies de-cluttering their financial reports by reducing immaterial or irrelevant disclosures, reordering notes into more logical groupings and rewriting technical wording into plain English.
This publication provides a large range of illustrative disclosures, for the most part without regard to materiality. We encourage you to be careful not to become buried in compliance to the detriment of relevance.
Example Public Company Limited: illustrative disclosures 2015-16 has been designed to assist with the current disclosure and presentation of IFRS-based Australian Accounting Standards for the financial years ending 31 December 2015 and 30 June 2016.
What’s new? and Appendix I will help to determine which requirements are applicable to a period end based on the annual reporting date.
It illustrates one possible format for annual financial statements based on a fictitious multinational corporation involved in general business, which is not a first-time adopter of AASBs. With Australia’s close alignment to IFRS, a substantial portion of Example Public Company Limited has been drawn from the illustrative disclosures publication prepared by our international colleagues based on ‘pure’ IFRS.
Additional Australian-GAAP specific disclosures and alternative presentation methods that are commonly used in Australia have been illustrated in a separate section just before the main financial statements. A clear cross reference to the Australian section is included on affected international pages.
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