AICD submission to AASB on Exposure Draft 183 Management Commentary

On 23 December 2009, AICD provided comments to the AASB in respect of Exposure Draft 183 – Management Commentary. AICD’s submission noted that much of the content of the proposed Management Commentary framework must already be included by Australian listed companies in their annual reports pursuant to the Corporations Act or the ASX Listing Rules. AICD noted that issuing additional guidance such as the Management Commentary where that content is already mandated or comprehensively set out elsewhere is likely to lead to confusion or to the guidance being given little weight. AICD expressed its strong reservations about issuing the Management Commentary in Australia even as guidance, given the comprehensive information already required in annual reports by the current regulatory framework.

Submission to AASB on exposure draft 183 - Management Commentary