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ARTICLE · 23 NOVEMBER 2004

International Accounting Standards - What´s Happening?

Clayton Utz
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Under a strategy adopted by the Financial Reporting Council[1] in July 2002, the Australian Accounting Standards Board (AASB) is obliged to work towards the full implementation of the International Accounting Standards (IAS) (now known as International Financial Reporting Standards (IFRS)[2]) in Australia. This strategy was also set out in the CLERP 9 proposals[3]. All European Union countries were similarly committed.

AustraliaAccounting and Audit
Andrew Hay
Andrew Hay
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Originally published October 2004

Key Point

  • The new standards are already starting to impact on Australian businesses.

    • Under a strategy adopted by the Financial Reporting Council[1] in July 2002, the Australian Accounting Standards Board (AASB) is obliged to work towards the full implementation of the International Accounting Standards (IAS) (now known as International Financial Reporting Standards (IFRS)[2]) in Australia. This strategy was also set out in the CLERP 9 proposals[3]. All European Union countries were similarly committed.

    "For profit" entities (including Government business enterprises) will be required to prepare financial statements under Chapter 2M of the Corporations Act[4] in accordance with the IAS/IFRS adopted by the AASB for financial reporting periods on or after 1 January 2005.

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