A common concern among accounting professionals is that the accounting standards are complex and difficult to understand and apply.

A new guide, developed jointly with CPA Australia and with the assistance of HLB Mann Judd, aims to provide simple, concise guidance to assist with deciphering the various aspects of accounting standards and related material.

The focus of the guide is accounting standards that form the basis for financial reporting. This guide has been developed with IFRS Accounting Standards in mind. Accounting standards, and the authoritative body of literature that surround them, are constantly evolving and there is a robust process and framework that surrounds the development and maintenance of accounting standards.

Those involved in the preparation of financial statements should find this guide useful, including directors, management, finance teams, professional advisors, and accounting students.