AASB Speaks Financial reporting changes

Category: Business

The Australian Accounting Standards Board (AASB) has defended its proposal to implement a revised conceptual framework and its effect on financial reporting requirements, noting that it would only affect a small number of entities. With the International Accounting Standards Board (IASB) recently amending the Conceptual Framework for Financial Reporting, the AASB is proposing changes to maintain harmonisation with IFRS.