Changes to Australian GAAP from adopting "IFRS equivalents"

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24 Aug 2004

The Australian Accounting Standards Board recently issued 40 new or revised accounting standards applicable for all financial years beginning on or after 1 January 2005 (see our news story of 17 July 2004).

Early adoption of the standards is not permitted. Those standards – sometimes referred to as Australian equivalents to International Financial Reporting Standards (A-IFRSs) – will result in some significant changes as compared to practice under current Australian GAAP. Deloitte (Australia) has published a 24-page booklet explaining the major (PDF 2,089k). None of the new A-IFRSs is 100% compatible with the corresponding IFRS for the following reasons:
  • Wording has been amended to accommodate the Australian legislative environment, for example, reference to the Corporations Act 2001 in the application paragraphs.
  • Additional or amended requirements for not-for-profit entities.
  • In some cases the AASB has permitted only one of a number of options available in the corresponding IFRS.
  • Additional disclosures.

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