Trilogy Standards

The Trilogy Standards

Abstract

The changes to the trilogy standards which comprise of AASB 1018 direction of fiscal Performance, AASB 1034, Financial Report Presentations and Disclosures and AASB 1040 subject field of Financial Position created mix-up within the accounting craft and business community. The changes were designed for the purposes of international harmonisation and for a range of change away from the profit and loss approach. Many of the issues that arose be being addressed by Exposure Drafts and a wildness on making the disclosures relevant and reliable is a find issue for the profession. This assignment c everyplaces the changes that took place, it looks at the response to the changes and is supported by evidence resulting from a study of the Australian Securities and Investment consignment (ASIC) and Ernst and Young (E&Y). The relevance and reliability issue as in the Statement of Accounting Concepts (SAC) 3: has created debate over whether the trilogy standards meet such requirements. The overall concern is eliminating the misinterpretation and confusion caused so the monetary information is both relevant and reliable.

Introduction

The menses AASB 1018 Statement of Financial Performance was issued in October 1999, along with two different presentation and disclosure standards, AASB 1034, Financial Report Presentations and Disclosures and AASB 1040 Statement of Financial Position. These three standards became generally known as the trilogy and were outset pertinent for 30 June 2001 year-ends.



The introduction of the trilogy was the largest change to the presentation of financial reports in Australia in recent times with the balance public opinion poll and profit and loss account being replaced with a Statement of Financial Position and Statement of Financial Performance. The two important reasons behind the change are the international harmonisation architectural plan and the move towards a balance-sheet emphasis. After the first year of the trilogy implementation, a...

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