Keeping it private: financial reporting by large proprietary companies in Australia

Title: Keeping it private: financial reporting by large proprietary companies in Australia
Creator: Potter, Brad; Pinnuck, Matthew; Tanewski, George; Wright, Sue
Relation: Accounting and Finance Vol. 59, Issue 1, p. 87-113
Publisher Link: http://dx.doi.org/10.1111/acfi.12436
Publisher: Wiley-Blackwell
Resource Type: journal article
Date: 2019
Description: Since 2010, proprietary companies have had a choice of preparing three types of financial reports that vary in scope. We find that between 2010 and 2015, most proprietary companies in our random sample chose the lowest scope option, with very low quality financial reports. Few adopted the new option provided by AASB 1053 Application of Tiers of Australian Accounting Standards. The characteristics of the firms that adopted each type of report are consistent with the regulator's intention. Our findings should provide a better understanding of how accounting standards impact practice, and should assist regulators to reform private company financial reporting.
Subject: differential reporting; private companies; reduced disclosure; AASB 1053
Identifier: http://hdl.handle.net/1959.13/1445656
Identifier: uon:42637
Identifier: ISSN:0810-5391
Language: eng
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