Appra

APRAs approach to International pecuniary Reporting Standards The Financial Reporting Council (FRC) has made an in-principle decision that Australian coverage entities leave alone adopt International Financial Reporting Standards (IFRS). These Standards will try for for reporting periods beginning on or after 1 January 2005. The FRC has also identified the set of Standards that will be adopt initially. These are based on the International Accounting Standards control panel (IASB) stable platform, as posted on the IASB website on 31 March 2004. The Australian equivalents to these standards were posted on the Australian Accounting Standards Board (AASB) website as at 23 July 2004. The toleration of IFRS will be a significant exercise for APRA-regulated institutions, on a tight timetable. It also has implications for APRA itself, requiring revisions to prudential standards and regulatory reporting requirements for authorised deposit-taking institutions, career and command insurance companies. However, the feign is not uniform across these industries. In particular, because Australia already has a sportsmanlike or market value approach for both general subroutine financial reporting and prudential requirements in the spiritedness and general insurance industries, these industries face some specific issues.

Furthermore, for life insurance, changes to some prudential standards are the responsibility of the Life policy Actuarial Standards Board (LIASB) rather than APRA. The LIASB is working with APRA in addressing the impact of IFRS. Whenever practical, APRA aligns its prudential standards and regulatory reporting requirements with accounting standards. General purpose financial reports, however, are focussed on evaluating the interests of economic owners of an institution, piece of music prudential supervision focuses on the institutions mightiness to meet its financial promises to depositors and policyholders. In some circumstances, APRA has chosen to startle from accounting standards in determining the... If you want to get a full essay, order it on our website: Ordercustompaper.com

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