Schedule 5's replacement standard arrives

The Schedule 5 replacement standard AASB 1034, Information to be Disclosed in Financial Reports, has been finalized by the Australian Accounting Standards Board. The standard incorporates certain of the disclosure requirements contained in Schedule 5 to the Corporations Regulations and a few additio...

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Bibliographic Details
Published inCharter (Sydney, NSW : 2004) Vol. 68; no. 1; p. 52
Main Author Wagner, Sonia
Format Journal Article
LanguageEnglish
Published Sydney Institute of Chartered Accountants in Australia 01.02.1997
Subjects
AASB 1034
Accounting standards
Disclosure
Executive compensation
Exposure drafts
Financial reporting
Financial statements
International accounting standards
Related parties
Australia
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Summary:The Schedule 5 replacement standard AASB 1034, Information to be Disclosed in Financial Reports, has been finalized by the Australian Accounting Standards Board. The standard incorporates certain of the disclosure requirements contained in Schedule 5 to the Corporations Regulations and a few additional disclosure requirements. The standard requires preparers of financial reports to determine the formats of the financial statements and the line items to be presented in them, rather than prescribing the formats to be disclosed, and establishes the principles for determining the manner in which items are to be classified and presented in the financial statements. The standard includes disclosure requirements relating to executives' remuneration. The repeal of Schedule 5 is dependent on revisions being made to AASB 1017, Related Party Disclosures, to ensure its requirements are consistent with the requirements of Schedule 5.