A possible limitation of this study is the generalisability of the results in certain
circumstances since we use the reconciliations required inAASB1 and only 31 December
balance date firms. A select number of A-IFRS such as AASB 139 (AASB, 2004f), do not
have to be applied retrospectively. Hence, our analyses of the impact of A-IFRS on the
accounts exclude those standards not applied retrospectively. Additionally, banks are
not included in our sample and some contend banks will have higher earnings
variability under A-IFRS (Moullakis, 2005). If banks have higher variability, our results
on variability may not be generalisable for large firms in particular.