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Adoption of IFRS-based standards in Australia

25 Oct 2003

The Australian Securities and Investments Commission (ASIC) and the Australian Financial Reporting Council (FRC) have urged company boards and management to prepare early for the adoption of IFRS-based accounting standards in Australia.

Companies with financial reporting periods beginning on or after 1 January 2005 will be required to follow Australian accounting standards that will be "equivalent to International Financial Reporting Standards". Click for ASIC Press Release.