August 2007
Australian corporates transitioned from AGAAP to AIFRS for their 2006 financial year ends. This applied to most reporting entities, their subsidiaries and the public sector. The transition is the largest change in financial reporting for decades and is having a fundamental impact on how investors, regulators, financiers and other stakeholders understand and use Australian financial information.
Overall, reported earnings have proven to be more volatile, and for assets and liabilities, some balances are no longer being recognised and new categories have appeared. From a financial accounting perspective there are winners and losers. Fair value principles are now more prevalent than long used historical cost concepts. Financial accounts now feature interpretation and judgement from management, directors and auditors rather than simply being a record of a set of historical facts. For all the change, there has been little quantitative analysis of the impact on major Australian corporates.
In this study, which follows on from our research last year focussing on the expected impact of the transition to AIFRS, we consider the differences between AGAAP and AIFRS intangible assets reporting requirements, and whether our expectations were realised. We consider the latest intangibles reporting by the ASX 200 after the transition to AIFRS. It has been compiled with reference to the annual reports of ASX 200 constituents, available as at 30 June 2006, for their 2005 and 2006 financial year ends.
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Australian Intangible Assets - Value in the new world [PDF 390 KB]
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