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Adoption of IFRS-based standards in Australia

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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.


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