Monday, 6 February 2012 Non-IFRS information is defined in this guidance as "financial information which is presented other than in accordance with all relevant accounting standards." The guidance is available here. I think the most interesting point of this regulation is the requirement for Director's reports and Operating and Financial Reviews to ensure that: 1. IFRS financial information should be given equal or greater prominence compared to non-IFRS financial information, in particular IFRS profit; and 2. non-IFRS financial information should: - be explained and reconciled to IFRS information - be calculated consistently - be unbiased and not used to remove "bad news". (As defined above, "non-IFRS information" is a very broad term.) This requirement is interesting in the light of the recent Centro case which required the Directors to have a reasonable understanding of financial statements. I imagine even the most financially competent directors could require accounting assistance in preparing a reconciliation of IFRS profit to non-IFRS profit within their directors reports. Now, under Centro, will they be held personally responsible for those presumably quite complex calculations? In our recent Forensics Matters article on this case we raised this issue of how far the requirement for directors to understand financial statements would go - but does this RG30 ASIC guidance now stretch this even further? Read our Forensic Matters article, Centro: do non-executive directors require accounting knowledge?