Business Services Industry
The saga of a disallowed accounting standard.(Brief Article)
Australasian Business Intelligence, December, 2004 by Groen, Bert; Lanis, Roman
Dec 02, 2004 (Australian Accounting Review - ABIX via COMTEX)
A decision by the Australian Senate in February 2000 led to a court case in the Victorian Supreme Court. The Senate elected to disallow two paragraphs of Accounting Standard AASB 1015 "Acquisition of Assets". The Senate gave a number of reasons for its action, including that the Australian Securities & Investments Commission (ASIC) had indicated its disquiet about the two paragraphs. Software firm MYOB had elected to use the two subsequently disallowed paragraphs to value assets prior to the decision, but continued to use them in subsequent reports. It was this that prompted ASIC to take legal action against it.
Publication Date: November 2004
MYOB LIMITED - ASX MYO:...
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