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Disclosing non-IFRS financial information – Regulation Impact Statement – Australian Securities and Investments Commission

On 12 December 2011, the Australian Securities and Investments Commission (ASIC) published guidance (Regulatory Guide 230) on the use of financial information prepared other than in accordance with accounting standards; that is, non-International Financial Reporting Standards (IFRS) financial information. The guidance aims to assist directors and preparers of financial information in understanding how and when it is appropriate to use non-IFRS financial information in financial reports, transaction documents and other documents. The guidance covers:

  • presenting non-IFRS financial information to reduce the possibility of it being misleading;
  • determining whether greater prominence has been given to non-IFRS financial information over IFRS information;
  • examples of potentially misleading disclosures;
  • interpretation of the Corporations Act 2001 and relevant accounting standards; and
  • presentation of pro forma financial information in transaction documents.

A Regulation Impact Statement was prepared by ASIC and was assessed as adequate by the Office of Best Practice Regulation.