Bryce JH Denison
National President
22 April 1999
Mr. K. Spencer
Chairman
Australian Accounting Standards Board
211 Hawthorn Road
Caulfield Vic 3162
Dear Ken
Accounting for Dividends
The National Executive, at its meeting on 22 April 1999, discussed the requirements of IAS 10 "Events after the Balance Sheet Date" for the treatment of provisions for dividends. During these discussions it noted that the Board has adopted a different approach and proposes to require the recognition of the total amount of dividends proposed or declared after the balance sheet date as a liability.
The Group of 100 believes that, in view of the requirement of IAS 10, that such dividends proposed or declared after the balance date must not be recognised as a liability, the Board should reconsider its proposed requirements in respect of the treatment of dividends.
Yours sincerely,
Bryce JH Denison
National President
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