Australian firms make “smooth transition” to IFRS, regulator

Listed Australian companies have stepped up to the challenge of implementing the country’s equivalent of International Financial Reporting Standards (IFRS), according to a review by regulator the Australian Securities & Investment Commission (ASIC). The regulator studied over 1,250 listed firms and found compliance with the disclosure standard, which requires a narrative explanation of the impact that the transition to the new standards will have on an entity’s results, was high.