APRA’S DISCUSSION PAPERS ON INTERNATIONAL FINANCIAL REPORTING STANDARDS

Sydney, 24 February, 2005: The Australian Bankers’ Association (ABA) welcomes the first-stage release of the Australian Prudential Regulation Authority’s (APRA’s) proposed prudential response to the new International Financial Reporting Standards (IFRS).

Ensuring Australia’s prudential regulations are appropriately modified in response to IFRS is essential if investors in Australian banks are to have the right information to properly assess the banks’ underlying performance.

Our initial reading of APRA’s proposed changes is that more work is needed to reach a balanced outcome. A key issue going forward will be the recognition within the prudential rules of the defined benefit fund surpluses.

The ABA and member banks will now consider the proposals in detail and respond to APRA within its consultation process.

For further information:

Heather Wellard
ABA Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439
 

ENDS