PROFIT REPORTING OPEN TO DEBATE

Date: 29/08/2008

Title: Profit reporting open to debate

Type: Media & Communications: Media Release

Abstract:

New principles on profit reporting have been opened up for debate by the Financial Services Institute of Australasia (Finsia) and the Australian Institute of Company Directors (AICD) in a discussion paper released today.

The aim of the discussion paper, titled Underlying Profit, is to encourage listed companies to adopt a transparent and consistent approach when reporting profit results to the investment community in a non-statutory manner.

The initiative is in response to research that indicates the use and presentation of non-statutory measures of incomes, such as underlying profit, is widespread. Finsia and AICD established a working group to address the challenges posed by non-standard company reporting of ‘underlying’ or ‘normalised’ profits and have developed principles to assist companies when reporting.

To view the full media release click here

To view the discussion paper click here