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Australia proposes to replace national standards with IAS

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04 Jul 2002

The Australian Financial Reporting Council (FRC) has announced its support for the adoption by Australia of International Accounting Standards by 1 January 2005. The FRC is the body established under Australian law to oversee the process for setting accounting standards in Australia, including overseeing the operations of the Australian Accounting Standards Board (AASB).

The FRC proposal, which is subject to the Government's support for necessary amendments of the Corporations Act, would mean that, from 1 January 2005, the accounting standards applicable to reporting entities under the Act will be the standards issued by the International Accounting Standards Board. After that date, audit reports will refer to companies' compliance with IASB standards. Click for:

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