Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/27617
Title: How prepared was Australia for international financial reporting standards? The case of listed firms
Authors: Goodwin, J
Cooper, BJ
Johl, S
Issue Date: 2008
Publisher: Blackwell Publishing
Source: Australian accounting review, 2008, v. 18, no. 1, p. 35-45 How to cite?
Journal: Australian Accounting Review 
Abstract: We measure the preparedness of listed firms for international financial reporting standards (IFRS) by changes in explanations from Australian GAAP to IFRS between the half-year and annual accounts. About one-third of sample firms changed their explanations for earnings, cashflows or equity by averages of about -7%, 67% and 3% respectively. Most changes are less than 5% for earnings and equity, and tax is the item most commonly revised. More profitable firms and firms with more reconciling items are most likely to change an explanation. In a telephone survey of chief financial officers, 70% revealed that the change followed an incorrect application of an accounting rule in the half-year accounts.
URI: http://hdl.handle.net/10397/27617
DOI: 10.1111/j.1835-2561.2008.0005.x
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