Accounting - Research Publications

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Start date: 2010 × End date: 2019 × Author: Potter, Bradley × Author: Pinnuck, Matthew ×

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    Keeping it private: financial reporting by large proprietary companies in Australia
    Potter, B ; Pinnuck, M ; Tanewski, G ; Wright, S (WILEY, 2019-03-01)
    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 adoptedthenewoptionprovidedbyAASB1053Application of Tiers of AustralianAccounting 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.