Financial Reporting in Australia

Reporting under International Financial Reporting Standards (IFRS) is much more than a technical accounting issue. IFRS may affect any number of an entity's day-to-day operations or even impact the reported profitability of the business itself.

In order to successfully report under IFRS, entities need to have a sound grasp of the international standards and an understanding of the upcoming financial reporting developments likely to impact their business.

How PwC can help

PwC has a global network of consultants who are experts in applying IFRS. The Accounting Consulting Services group consists of IFRS specialist technical partners and staff that have been tasked with ensuring the consistent interpretation of IFRS. Some of the ways this is achieved is by:

• working with Australian entities to resolve specific, complex issues;
• communicating with the Australian Accounting Standards Board and International Accounting Standards Board to help them issue accounting guidance and consider challenges in practice;
• hosting events across Australia to help entities stay up-to-date with changes to reporting requirements, raise awareness of problem areas in practice and highlight upcoming news from the standard-setters; and
• delivering a variety of communications that identify and analyse the major financial reporting challenges for entities across a range of industries.