Business Services Industry
AASB's "trilogy" under fire.
Australasian Business Intelligence, February, 2002
Feb 28, 2002 (BRW
ABIX via COMTEX) -- Reforms for accounting standards in Australia are the subject of discussion. The three accounting standards at the core of the debate took effect on 30 June 2001 and are the AASB 1040 standard, the AASB 1034 standard and the AASB 1018 standard. A survey of Ernst & Young found that the new stipulation that companies specify the margin on sales is not appropriate as the lack of consistency in calculating the cost of sales leads to a wide range of figures. Another difference identified in the survey is that some companies state a gross profit figure and others state an earnings result which is before interest, tax and depreciation. The Australian Securities & Investments Commission and the Ernst & Young advocate changes to the...
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