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How prepared was Australia for international financial reporting standards? The case of listed firms

Goodwin, John, Cooper, Barry and Johl, Shireenjit 2008, How prepared was Australia for international financial reporting standards? The case of listed firms, Australian accounting review, vol. 18, no. 44, pp. 35-45.

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Title How prepared was Australia for international financial reporting standards? The case of listed firms
Author(s) Goodwin, John
Cooper, Barry
Johl, Shireenjit
Journal name Australian accounting review
Volume number 18
Issue number 44
Start page 35
End page 45
Publisher Blackwell Publishing Asia
Place of publication Richmond, Vic.
Publication date 2008-03
ISSN 1035-6908
1835-2561
Summary We measure the preparedness of listed firms for international financial reporting standards (IFRS) by changes in explanations from Australian GAAP to IFRS between the half-year and annual accounts. About one-third of sample firms changed their explanations for earnings, cashflows or equity by averages of about −7%, 67% and 3% respectively. Most changes are less than 5% for earnings and equity, and tax is the item most commonly revised. More profitable firms and firms with more reconciling items are most likely to change an explanation. In a telephone survey of chief financial officers, 70% revealed that the change followed an incorrect application of an accounting rule in the half-year accounts.
Language eng
Field of Research 150104 International Accounting
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2008, CPA Australia
Persistent URL http://hdl.handle.net/10536/DRO/DU:30017218

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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