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Approach to implementing IFRSs by Australian bank regulator

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07 Aug 2004

The Australian Prudential Regulation Authority (APRA) – Australia's regulator of banks, insurance companies, superannuation funds, credit unions, and other financial institutions – has outlined the approach it will be taking during the implementation of IFRSs in Australia.

This follows confirmation of the Australian equivalents to these Standards by the Australian Accounting Standards Board in mid-July. All Australian reporting entities must adopt IFRSs for reporting periods beginning on or after 1 January 2005. This will, in turn, require APRA to revise its prudential standards and statistical requirements for deposit-taking institutions and insurance companies. Click for (PDF 52k).

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