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Implementation of IFRS in Australia

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11 Feb 2003

In a paper presented at an investor relations forum in Sydney, Keith Alfredson, chairman of the Australian Accounting Standards Board (AASB), discusses Australia's approach to full implementation of International Financial Reporting Standards for financial years commencing on or after 1 January 2005. Click to Download Mr.

Alfredson's Remarks (PDF 24k). An excerpt:

Most IFRSs do not operate in isolation because of their frequent cross-references to other IFRSs. Consequently it is most impracticable for the AASB to issue and make operative selective IFRSs in isolation. For this reason, and given the wide-ranging planned amendments to existing standards over the next two years to 2005, while further study is required by the AASB, it is far more likely that the AASB will be forced to make most IFRSs operative for financial years commencing on or after 1 January 2005 in a "big bang" rather in what is somewhat hopefully envisaged in CLERP 9 through a transition process. While this may be considered to be unfortunate, it is, I believe, inevitable and is, of course, largely out of the hands of the AASB, given that implementation is dependent on the IASB's timetable and output.

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