Meeting Your Financial Reporting and Auditing Needs

About this Information Service                            

Australian GAAP is annual publication that provides a description of the major requirements of Accounting Standards, Interpretations and the Framework issued by the Australian Accounting Standards Board (AASB) used to prepare a general purpose financial report. These pronouncements are collectively referred to as GAAP, an acronym for generally accepted accounting principles.

Australian accounting standards for profit-seeking entities are drawn from International Financial Reporting Standards (IFRS), Framework, and Interpretations issued by the International Accounting Standards Board (IASB); AASB Accounting Standards are IASB Compliant. As the AASB has responsibilities for general purpose financial reporting in the not-for-profit entities in the private and public sectors, the IFRS sourced accounting standards, also contain specific Australian requirements for not-for-profit entities developed by the AASB.

Financial reporting in Australia consists over thousands of pages of accounting pronouncements (Accounting Standards, Interpretations, Basis for Conclusion, Application Guidance, and Framework); there are also Corporations Act, ASIC Class Orders and guidance, and the ASX Corporate Governance Recommendations that need to be considered. Keeping up-to-date with these is a daunting task because of the sheer quantity of material issued, the diverse sources of origin, and the significant changes taking places in any one year. Australian GAAP will assist users to understand all the rules governing financial reporting as at 1 January with a description of the previous year’s financial reporting developments.

Users

Australian GAAP has been written to assist preparers, those charged with governance, auditors, users, regulators, academics and students to understand the rules governing the preparation of general purpose and special purpose financial statements. Specifically, Australian GAAP should assist:

• Accountants in commerce, government, industry and public practice who need a ready reference of all the major requirements of the Australian financial reporting framework

• CA and CPA program candidates studying financial reporting modules

• Under graduates students requiring an insight to the standard-structure, regulatory environment, and accounting pronouncements

• Those wanting an update on the financial reporting developments, and

• Directors and others charged by governance responsibilities would want a comprehensive and easily understandable reference tool for financial reporting.

Structure

Australian GAAP consists of all the requirements of Australian Accounting Standards, Interpretations, and the Framework; categorised into key features, application, measurement, and disclosure sections. Australian GAAP comprises:

• Part 1: Introduction

• Part 2: General Purpose Financial Report

• Part 3: Balance Sheet

• Part 4: Income Statement

• Part 5: Cash Flow

• Part 6: Notes to the Financial Statements

• Part 7: Industry and Activity-based Accounting Standards

• Part 8: Corporations Act and ASX

• Part 9: Selected Exposure Drafts, and

• Part 10: ASIC Reporting Requirements and Surveillance Activities.

Previous Editions

The last published edition of Australian GAAP was 2005 (over 650 pages). There are nine previous editions of Australian GAAP:

• Australian GAAP 1997 1st Edition (March 1997)

• Australian GAAP 1998 2nd Edition (February 1998)

• Australian GAAP 1999 3rd Edition (February 1999)

• Australian GAAP 2000 4th Edition (February 2000)

• Australian GAAP 2001 5th Edition (February 2001)

• Australian GAAP 2002 6th Edition (February 2002)

• Australian GAAP 2003 7th Edition (February 2003)

• Australian GAAP 2004 8th Edition (March 2004), and

• Australian GAAP 2005 9th Edition (March 2005).

Current Edition

The 10th edition for pronouncements as at 1 January 2008 is currently under development. Parts of Australian GAAP will be progressively released throughout 2008 via a dedicated client login for annual subscription.

Other Financial Reporting Products and Services

Australian GAAP is part of an integrated suite of financial reporting products (GAAP Alert, e-GAAP Update, and GAAS Insight) and services (advice and tailored training) to help to manage your financial reporting risks.

Benefits

The benefits of Australian GAAP are:

• Contains in one publication a comprehensive description of the requirements of Australian GAAP as at 1 January

• Presented in a manner representative of a financial report

• Easy to read and easy to use

• A cost effective means of keeping Australian GAAP at your fingertips

• Written by acknowledged experts in financial reporting – Colin Parker, FCA, Principal GAAP Consulting and Bruce Porter FCA, Audit and Technical Partner at Deloitte. Both are members of the AASB.

Feedback

The confusion (over accounting standards) has now been dispelled by a helpful new publication – Australian GAAP’ ‘easy to read summaries’, ‘a brief but clear discussion of industry specific accounting standards, Corporations Law and ASX LR (Listing Rules) disclosure requirements’ – Butterworths Corporations Law Bulletin.

‘Accountants with clients demanding to know why particular reporting requirements exist in Australian standard will find a new summary of Australian accounting a boon’, ‘Good primer on standards’ – Chartac.

‘We are impressed by the publication’ - Queensland Treasury.

‘This is a most useful publication which I will refer to frequently’ – Mr. D Docherty, Chairman Legal & General.

‘A valuable reference for all CPA and PY candidates’ ‘user friendly’ ‘readily accessible format’ – The Audit Office of New South Wales.

‘The Summary will be a very useful reference source for us. It is a timely initiative’ – Auditor-General for Australia.

‘I would like to congratulate you on your excellent publication’ – Treasury and Finance South Australia.

‘Even for a non-accountant I found the book east to read. In particular, part one gave me a better understanding of the various components of Australian Accounting Standards including the bodies involved, their relationships and the process for developing standards’ – William M Mercer.

‘I could see myself using it as a checklist’ ‘What I find particularly useful is the grouping of UIG Abstracts and AAGs with related Accounting Standards’ ‘The style is very readable and I would have no hesitation in recommending it to anyone who is seeking a reference source on Accounting Standards’ ‘It also represents extremely good value for money’ – The Audit Office of New South Wales.