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New Australian standard on disclosing the impacts of IFRSs

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24 Apr 2004

The Australian Accounting Standards Board has published a new accounting standard AASB 1047 Disclosing the Impacts of Adopting Australian Equivalents to International Financial Reporting Standards.

The purpose of the standard is to provide users of financial reports with relevant and reliable information about the impacts of changes in accounting policies in the period leading up to full adoption of Australian equivalents of IFRSs. The disclosures must be made by all entities, including not for profit entities, for interim and annual reporting periods ending on or after 30 June 2004. Click for (PDF 25k). You can download a PDF Version of AASB 1047 from the AASB's Website.

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