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  • Australian companies slow to begin implementing IFRSs

    17 Jul 2004

    A survey of 122 Australian corporate entities conducted by the Institute of Chartered Accountants in Australia (ICAA) has found that less than half of those surveyed (49%) have begun the process for implementing International Financial Reporting Standards (IFRSs).

  • Australia brings all IFRSs as of 31 March 2004 into effect

    17 Jul 2004

    The Australian Accounting Standards Board (AASB) has voted to formally adopt all IASs and IFRSs existing at 31 March 2004 as Australian Accounting Standards, thereby effectively introducing those international accounting standards into Australian law for all companies and other entities for reporting periods commencing on or after 1 January 2005. The AASB's policy is to have standards in place one year before entities must adopt them, to allow time for entities to address systems changes and other transition problems.

  • Reminder – comment deadline on IAS 39 fair value option amendment

    16 Jul 2004

    The deadline for comments on IASB's Exposure Draft on Amendments to IAS 39 - The Fair Value Option is this coming Wednesday, 21 July 2004. The ED proposes to restrict the availability of the option to classify individual financial assets and liabilities as measured at fair value through profit and loss by limiting the types of financial assets and financial liabilities to which the option may be applied, and by requiring that the option may be applied only to financial assets and financial liabilities whose fair value is verifiable. .