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Australian industry group wants deferral of IFRS adoptions

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14 Mar 2004

The Group of 100 – an association of senior finance executives from Australia's largest companies – has written to the government agency that oversees the Australian Accounting Standards Board (AASB) recommending that "Australia should not adopt IAS 32 and IAS 39 until the current uncertainties, including endorsement by the European Union are resolved, and the concerns of Australian companies about the timing and requirements of the Year 2005 Standards and not moving concurrently with the EU are addressed." Therefore the Group of 100 has requested that the AASB defer adopting IASB standards "for one year or such later date when EU endorsement occurs".

The AASB has been adopting IFRSs as "pending standards" not yet in force. Click for Group of 100 Letter.

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