Financial Reporting Disclosure Of The Australian Corporate Sector

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Amp Superannuation Limited
The Board of Directors
Amp Superannuation Limited
Financial reporting disclosure in the Australian corporate sector The requirements according to the respective accounting standard related to disclosures of sources of estimation uncertainty and judgments in applying accounting policies The AASB 108 specifically deals with the disclosure requirements relating to change in accounting policies and estimates and accounting errors. It is the Australian equivalent of IAS 8. It seeks companies to disclose the selection any change that takes place in their accounting policies and accounting estimates and also disclose the correction of errors (Carlin and Finch, 2008).
The requirements of this standard:
The AASB 108 applies to every company who are required to file financial statements and reports under the Corporations Act. And it also applies to companies that operate in both profit seeking and non-profit seeking sectors. In particular this accounting standard deals with:
- The accounting policies that are identified and applied by different companies.
- Variations in accounting policies relating to different organizations (Perkins, 1996).
- Variations that have taken place in the accounting estimates.
- Correction of errors belonging to the previous accounting period.
Accounting policies:
The application of AASB 108 helps in identifying the accounting policy or policies that will apply to a particular event when a certain Australian
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