Thus – with one exception – any further changes to IFRSs would take effect in Australia after 2005. The one exception is the standard expected to result from IASB's ED 6
on exploration and evaluation costs in the extractive industries. That exposure draft would, in effect, "grandfather" Australia's existing national GAAP for those industries. Thus, transition problems are not expected. Because they are delegated legislation, the standards still must pass through a final endorsement process in both houses of the Australian Parliament. They can be rejected in whole or part by a majority vote in either house. Click for (PDF 39k).