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General

IFRS eliminates need for GAAP reconciliation

The US Securities Exchange Commission (SEC) has announced it will eliminate the need to reconcile foreign financial reports filed with it back to the US Generally Accepted Accounting Principals (GAAP) if the foreign entity uses International Financial ...

BT buy finally pays off for Westpac

The BT Financial Group (BTFG) acquisition is finally paying off for Westpac, which has just reported an increase in cash earnings for its investment management arm of 33 per cent to $124 million over the 12 months to end March.

ASIC clarifies position on disclosing impact of IFRS

The Australian Securities and Investments Commission (ASIC) has indicated its expectations as to the nature and extent of the disclosure in financial reports, for the year ended 30 June 2005, about the impact of the implementation of International Financial ...

IWL primed for good performance throughout 04/05

AAP  |  TUESDAY, 19 APR 2005
IWL Ltd expects its strong performance to continue into the last quarter of the 2004/05, despite recent volatility in the sharemarket.

NAB foreign exchange options desk back in business

The National Australia Bank has announced it will reopen its foreign exchange options desk on May 9, 2005, almost 15 months since it first notified the market of the unauthorised trading in foreign exchange options which cost the bank $360 million.

IMF and World Bank to review local financial system

The International Monetary Fund (IMF) and the World Bank are to conduct a financial sector assessment program (FSAP) of Australia.

APRA communicates its position on IFRS

The Australian Prudential Regulation Authority (APRA) has released the first of two planned discussion paper outlining its stance on the mandatory adoption of the International Financial Reporting Standards (IRFS).

Perpetual reports strong half-year net profit

AAP  |  WEDNESDAY, 23 FEB 2005
Australian investment business Perpetual Trustees Australia Ltd says it expected full year operating profit to grow about 25 per cent in 2004/05 after the company reported a strong rise in first half net profit.

IOOF funds climb by 52 per cent

Fund manager IOOF Holdings Ltd has announced a solid increase in first-half profit and funds under management.

AXA upbeat on South East Asia

AXA Asia Pacific will look for more opportunities to expand in China and South East Asia, according to group chief executive, Les Owen.