Standards too inflexible:Close

摘要

A leading Australian gold sector expert and author has criticised the decision by the Commonwealth to adopt the equivalent of the International Financial Reporting Standards (IFRS) for the industry. Dr Sandra Close, managing director of Melbourne-based Surbiton Associates Pty Ltd, said the IFRS would require domestic gold producers who hedged to take into account the effects of gold price movements on the value of their hedge books. "The new requirements will cause increased volatility in reported profits and will force some companies that are making good profits actually to report losses," Dr Close said.