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IFRS Compliance 23 Dec 2010

Businesses should ensure they are complying with the new international accounting practices established under the International Financial Reporting Standards (IFRS). A recent review of reports by the Securities Commission highlights that many businesses are still facing some difficulties changing from a system of commercial confidentiality to one of disclosure.

Under IFRS, forecasts should include information about underlying assumptions that drive topline numbers, and asset revaluations and impairments should include an explanation of methodology. IFRS aims to provide the investor with an insight into management thought and company performance.

The International Financial Reporting Standards for financial reporting purposes were adopted in New Zealand in 2005, and made mandatory from periods beginning on or after 1 January 2007 for entities that have to comply with generally accepted accounting practice (GAAP).

 

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