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Australia should not modify IFRS for domestic use

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10 Sep 2003

The Australian Accounting Standards Board has recently begun a programme to adopt International Financial Reporting Standards as Australian GAAP.

But the AASB has indicated that it might make some modifications to IFRS for use in Australia. The AASB invited comments on that approach. In a story titled "Keep Global Rules Intact, Say Big Four", the Melbourne Age newspaper (PDF 97k) that responses to the AASB from Deloitte Touche Tohmatsu, PricewaterhouseCoopers, KPMG and Ernst & Young and from senior finance executives of listed companies have said that "the AASB should adopt the international literature without local modifications". Also, the AASB has Announced (PDF 157k) that it will not adopt the Australian "equlivalents" of IFRS in phases, as previously announced, but instead will adopt all of them in a single batch, most likely in April 2004.

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