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Compliance with IFRSs in Australia and New Zealand

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12 Jan 2006

Both Australia and New Zealand have been adopting 'equivalents' of IFRSs as their national financial reporting framework.

While audit reports will refer to Australian or New Zealand Equivalents of IFRSs, those standards are intended to result in financial statements that are fully IFRS compliant. Both countries have adopted paragraph 14 of IAS 1, which requires that:

An entity whose financial statements comply with IFRSs shall make an explicit and unreserved statement of such compliance in the notes. Financial statements shall not be described as complying with IFRSs unless they comply with all the requirements of IFRSs.

The consolidated accounts of Australian and New Zealand entities that use their IFRS equivalents will include such an explicit and unreserved statement of IFRS compliance in the notes. Therefore, in our Table Summarising Global Use of IFRSs Australia and New Zealand are identified as 'IFRSs Required for All Domestic Listed Companies'.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.