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Updated plan for adopting IFRS in Australia

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23 Mar 2004

The Australian Accounting Standards Board (AASB) has updated its Plan for Adopting IASB Standards by 2005 (PDF 66k).

The AASB is a government-sponsored board that operates under the oversight of the government's Financial Reporting Council (FRC). The plan states:

The AASB's plans are aimed at achieving the FRC's strategic direction of ensuring that for-profit entities applying AASB standards for reporting periods beginning on or after 1 January 2005 will also be complying with IASB standards. This will enable those entities to make an unreserved statement that their financial reports are prepared in compliance with IASB standards and, as mentioned in the FRC's strategic direction, will enable audit reports to refer to entities' compliance with IASB standards.

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