Australian Government
Australian Accounting Standards Board
The staff paper: Comparison of Narrative Reporting Requirements Applicable to For-Profit Entities examines several aspects of narrative reporting requirements for for-profit entities in Australia and selected overseas jurisdictions through their comparison to the draft disclosure objectives expected to be included in the forthcoming IASB’s Exposure Draft on revised IFRS Practice Statement 1 Management Commentary (MCPS) to provide early input into the AASB’s consultation on the IASB’s proposals.
The staff paper identified possible sources of the best practice in relation to the narrative reporting requirements for for-profit entities and outlined several areas that could be considered in the effort to maintain Australian narrative reporting in step with global best practice.