Trans-Tasman Accounting Standards Closer
July 23rd, 2010
Another step in the integration of the trans Tasman economic and regulatory _systems. Aust and NZ are now one step closer to having a common set of financial reporting standards, as a result of the release of exposure drafts amending financial reporting standards. In August 2009, both Govts signed a Joint Statement of Intent which included proposals to have only one set of financial statements prepared for companies operating trans-Tasman in order to reduce compliance. The issue of these exposure drafts is a significant step towards achieving this.
Kevin Stevenson, chairman of the Australian Accounting Standards Board, says work is focused on harmonising reporting requirements. The exposure drafts are available at <www.asb.gov.au> and at <www.nzica.com>. Comments are requested by 8 October 2010. It is proposed any resulting amendments will be effective for annual reporting periods beginning on or after 1 July 2011, with early adoption permitted.
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