ABSTRACT
In this chapter, key accounting standards are itemised and considered in the context of relevant valuation standards, with a detailed consideration of working with auditors which also serves as a helpful and comprehensive check list of matters for attention when undertaking valuations for financial reporting purposes. Financial reporting is one of the most frequent contexts where professional valuers will be appointed. Major valuation issues are central to the reported results and financial position of most organisations. Valuers engaging in financial reporting work need to be familiar with the specific Australian Accounting Standard under which they are engaged and the general requirements of the key Accounting Standards that set the rules of the game for financial reporting valuations. The chapter explains the key standards and their requirements, with a focus on Australian accounting requirements and the interaction with valuation standards.
