Deloitte supports Australian decision for IFRSs in 2005

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05 Apr 2004

The Australian Financial Reporting Council (FRC) – the government agency that oversees the Australian Accounting Standards Board (AASB) – has unanimously agreed "in principle" to stick with its announced timetable for adopting Australian equivalents of IFRSs as Australian GAAP effective from 1 January 2005. However the FRC said that "this is subject to receiving assurance from the AASB that the set of international accounting standards issued by the IASB is complete and meets the requirements of the Australian market place and that the AASB will be able to make available on its website the corresponding versions of Australian standards by 30 June 2004." Deloitte Australia has (PDF 45k) for the FRC's decision.

Deloitte partner Bruce Porter said that keeping the 2005 start date "will ensure that Australia remains at the forefront of global accounting trends".

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