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Australia will disband its Urgent Issues Group

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11 Apr 2006

The Australian Accounting Standards Board (AASB) has agreed to disband the Urgent Issues Group (UIG) and adopt a new Interpretations model in Australia under which the AASB will have direct responsibility for interpretations, with advisory panels formed on a topic-by-topic basis.

It is most likely that the new Interpretations model will have effect from 1 July 2006.

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