The Joint Accounting Bodies have lodged a submission to the Australian Institute of Company Directors on the joint FINSIA/AICD discussion paper on underlying profit. The bodies support the efforts being made to improve the quality and consistency of the non-statutory profit information communicated by entities. The seven principles outlined in the paper are generally supported, but the bodies have some concerns with the definition of underlying profit, the resultant adjustments and the example provided. 
 
Download the submission.