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November 2009



To contact the  Moore Stephens Technical Accounting Services team call Rob Mackay
or Kim Barson on (03) 9614 4444 or email:

Rob Mackay
rmackay@moorestephens.com.au

Kim Barson
kbarson@moorestephens.com.au

    Reporting of non-statutory profit figures – Underlying Profits

    It is common for companies to provide alternative measures of performance in their financial reports.  Reporting of ‘underlying profit’ is a common mechanism by which directors can provide shareholders, analysts and other users of the report with additional information deemed necessary for a proper understanding of operating performance and financial position.

    XYZ Model Financial Accounts – Introducing the December 2009 edition

    Moore Stephens, in conjunction with Thomson Reuters, will shortly be releasing a December 2009 edition of XYZ Model Financial Accounts that will address financial reporting requirements that will be in place for those entities reporting at 31 December 2009.

    IFRS 9 Financial Instruments issued

    As reported in the September 2009 edition of XYZ Financial Reporter, as expected the IASB has now finalised Phase 1 of its IAS 39 replacement project and issued IFRS 9 which deals with the classification and measurement of financial assets.  Financial liabilities are not currently in the scope of the standard.



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