The Institute of Chartered Accountants in Australia GAAP - based financial reporting : measurement of business performance

The Institute of Chartered Accountants in Australia (the Institute) is the professional body representing Chartered Accountants in Australia. Our reach extends to more than 53,000 of today and tomorrow's business leaders, representing some 43,000 Chartered Accountants and 10,000 of Australia's best accounting graduates who are currently enrolled in our world-class postgraduate program. Our members work in diverse roles across commerce and industry, academia, government, and public practice throughout Australia and in 107 countries around the world. We aim to lead the profession by delivering visionary thought leadership projects, setting the benchmark for the highest ethical, professional and educational standards and enhancing and promoting the Chartered Accountant brand. We also represent the interests of members to government, industry, academia and the general public by actively engaging our membership and local and international bodies on public policy, government legislation and regulatory issues. The Institute can leverage advantages for its members as a founding member of the Global Accounting Alliance (GAA), an international accounting coalition formed by the world's premier accounting bodies. The GAA has a membership of 700,000 and promotes quality professional services to share information and collaborate on international accounting issues. In producing this monograph the author acknowledges the benefit from discussions with colleagues at the School of Accounting, University of New South Wales, and particularly the comments on earlier drafts by Jeff Coulton (UNSW), Sarah McVay (NYU) and Caitlin Ruddock (UNSW). Disclaimer: This monograph presents the opinions and comments of the author and not necessarily those of the Institute of Chartered Accountants in Australia (the Institute) or its members. The contents are for general information only. They are not intended as professional advice – for that you should consult a Chartered Accountant or other suitably qualified professional. The Institute expressly disclaims all liability for any loss or damage arising from reliance upon any information contained in this paper. The use of extensions to traditional financial reporting to capture performance information, for example, the value of intangibles, corporate social responsibility and sustainable strategies has become common practice. For accountants, as preparers and interpreters of traditional financial statements, there is now a required awareness of these new reporting extensions. The Institute of Chartered Accountants in Australia, the premier accounting body in the country, has a mandate to ensure that accounting as a discipline evolves to meet these changes. This monograph was commissioned by the Institute and written by Professor Stephen Taylor from …