Financial Reporting Brief - April 2011
A calm before the storm! With major standards due for publication in the next few months, the first quarter saw additional material coming out on IFRS 9 and a number of other developments in relation to global convergence, sustainability reporting and a project launched to review how IFRS disclosure requirements may be reduced.
The closing date for comment on FRSME is 30th April and the ASB has published an accompanying draft of proposals for public benefit entities. Recommendations have been published calling on standard setters to consider the effects of accounting standards on all user groups. There have been a number of publications on best governance and reporting practices.
IAASA has published its observations on financial reporting issues and CAI has published M50 on the auditors’ responsibilities in relation to the ‘Code of Practice for Governance of State Bodies'.