Time for a rethink on IFRSs?

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09 Aug 2005

In an article in the July 2005 issue of Company Director magazine, Chris Biermann, senior audit partner, and Frank Betkowski, client director, with Deloitte (Australia) ask whether it's Time for a Rethink on IFRSs? in Australia.

Australia has been adopting national 'equivalents' of IFRSs, with some accounting options removed, disclosures added, and guidance for applying the standards in the public sector. These standards apply to all but the smallest entities in Australia.

"The current situation is an 'almost there' outcome for Australia. We strive for the holy grail of 'IFRS convergence', but have done so in a way that causes difficulties for truly global organisations and forces standards applicable to the top end of town across the board."

Click to (PDF 433k).

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