A copy of our submission on ED 151 Australian Additions to, and Deletions from, IFRSs is available for download below.

We strongly support the proposals in ED 151 and are pleased to see that A-IFRS is being brought closer to IFRS.

However, we see a number of issues with the proposals, including the following:

• there is a need to ensure that transitional provisions are considered to ensure that Australian entities are not disadvantaged by comparison to their international counterparts who have had the benefit of all accounting policy choices under a ‘full’ IFRS reporting environment
• we disagree with the proposal that an ultimate Australian parent entity, where either itself or the group is a reporting entity, be required to present consolidated financial statements even though those entities may be exempt from doing so under ‘pure’ IFRS
• the retention of Australian-specific requirements surrounding exploration and evaluation in AASB 6 Exploration for and Evaluation of Mineral Resources is inconsistent with the AASB’s ‘full’ convergence objectives.

We also believe that ED 151 is an important first-step toward ‘full’ convergence with IFRS and that the AASB needs to go further in many areas to finalise this process.  Our submission details many areas that need to be considered further by the AASB, including reconsidering Australian-specific Interpretations, the materiality Standard and terminology differences.

Download a copy of our submission in PDF format below.

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