This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Australia brings all IFRSs as of 31 March 2004 into effect

  • Australia Image

17 Jul 2004

The Australian Accounting Standards Board (AASB) has voted to formally adopt all IASs and IFRSs existing at 31 March 2004 as Australian Accounting Standards, thereby effectively introducing those international accounting standards into Australian law for all companies and other entities for reporting periods commencing on or after 1 January 2005. The AASB's policy is to have standards in place one year before entities must adopt them, to allow time for entities to address systems changes and other transition problems.

Thus – with one exception – any further changes to IFRSs would take effect in Australia after 2005. The one exception is the standard expected to result from IASB's ED 6 on exploration and evaluation costs in the extractive industries. That exposure draft would, in effect, "grandfather" Australia's existing national GAAP for those industries. Thus, transition problems are not expected. Because they are delegated legislation, the standards still must pass through a final endorsement process in both houses of the Australian Parliament. They can be rejected in whole or part by a majority vote in either house. Click for (PDF 39k).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.