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Keeping it private: financial reporting by large proprietary companies in Australia
journal contribution
posted on 2019-03-01, 00:00 authored by B Potter, M Pinnuck, George TanewskiGeorge Tanewski, S WrightSince 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.
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Journal
Accounting and financeVolume
59Issue
1Pagination
87 - 113Publisher
John Wiley & SonsLocation
Chichester, Eng.Publisher DOI
ISSN
0810-5391eISSN
1467-629XLanguage
engPublication classification
C1 Refereed article in a scholarly journalCopyright notice
2019, Accounting and Finance Association of Australia and New ZealandUsage metrics
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