Australian international convergence update
02 Mar 2004
We have posted a new Australian Accounting Alert: International Convergence Update.
Australia is in process of adopting national standards that are "largely consistent" with related IASs/IFRSs, though Australia has eliminated certain IFRS options, added some disclosures, and added some requirements for not-for-profit entities that are not consistent with IAS/IFRS. This Alert summarises 10 recent convergence standards.