Financial Reporting in Australia

Financial reporting has rapidly evolved under Australia's equivalents to International Financial Reporting Standards (AIFRS). The new framework has forced entities to change their traditional accounting practices and reconsider how their business will meet today's more stringent requirements.

In order to operate efficiently in the AIFRS regime, entities need to have a sound grasp of the international standards and an understanding of the upcoming financial reporting developments that are likely to impact their business.

How PwC can help

PricewaterhouseCoopers has a global network of consultants who are expert in dealing with International Financial Reporting Standards (IFRS). The 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 technical issues

• Contributing to the process of continuous improvement of accounting guidance by the standard setting bodies

• Delivering Financial Reporting Update events throughout Australia to bring Australian entities up-to-date with recent changes to the reporting requirements, raise awareness of problem areas in practice and highlight upcoming news from the standard-setters

• Delivering a variety of communications that identify and analyse the major financial reporting challenges and the firm's local and global AIFRS and IFRS thought leadership.