Accounting for SGARAs - has comparability and consistency been achieved?

The accounting standard, AASB 1037 'Accounting for self-generating and regenerating assets' (SGARAs) was introduced into the Australian financial reporting arena for the financial year ending 30 June 2001. Prior to the introduction of this standard, there was no regulatory guidance provided by the standard setters. This led to a wide diversity of accounting practices which had raised issues of comparability and consistency in financial reporting. This studies objective was to examine whether consistency and comparability has been achieved through the introduction of AASB 1037 and the subsequent adoption of AASB 141.