Goodwill hunting

Article Abstract:

Australian accounting standards boards have jointly issued an exposure draft on business combinations for greater global convergence in financial reporting, which incorporates the changes to accounting for goodwill. The exposure draft covers three areas of accounting known in Australia as ED 109. Companies will be required to allocate acquired goodwill to cash generating units (CGUs).

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Companies in the danger zone

Article Abstract:

A Robert Half Management Resources survey conducted on the top 150 officers in Australian companies regarding the preparation for IFRS is presented. Many Australian companies are currently ill-prepared to produce general purpose financial reports conforming to IFRS inspite of making it a key business priority.

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What's bettre than a poke in the eye with a blunt stick?

Article Abstract:

Australian Securities and Investments Commission provides for financial reporting and audit relief under Class Order for wholly-owned subsidiaries in a corporate group. The provisions of the new requirement for relief are discussed.

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