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The case of a mining operation, it is possible that the functional currency of both the overseas subsidiary and the Australian parent company will change over the course of the exploration/mining activity of the overseas subsidiary, regardless of the way the group is funded.

The Australian Securities and Investments Commission (ASIC) released Regulatory Guide 230 Disclosing non-IFRS financial information (the guide) in December 2011 which is a guide for directors and preparers of financial information on presenting non-IFRS financial information. ASIC acknowledges that in some cases non-IFRS financial information can be useful for investors and other users, but also […]