International convergence 2005: Off and running
Article Abstract:
The Financial Reporting Council (FRC) of Australia has announced that by January 1, 2005 Australia should adopt the international accounting standards. As a result of this announcement, the Australian companies that prepared their financial reports as per the Companies Act 2001 will have to prepare their reports as per the international guidelines and before January 1, 2005 the Australian Accounting Standards Board (AASB) will have to be converged with their international equivalents.
Publication Name: CA Charter
Subject: Business
ISSN: 1446-4543
Year: 2003
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Lingering problems in accounting and auditing
Article Abstract:
Despite recent corporate accounting scandals, auditors are still under pressure from the clients and more senior colleagues to bend the rules to achieve more favorable financial results. Auditors should resist such pressure and strictly follow accounting principles. In addition, there are ways regulators could remove incentives to violate these principles.
Publication Name: Journal of Financial Service Professionals
Subject: Business
ISSN: 1537-1816
Year: 2003
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Changes afoot
Article Abstract:
The impact of the introduction of International Financial Reporting Standards (IFRS) on the Australian financial reporting is discussed. All financial assets and liabilities would require to be recognized, many at fair values and some at amortized cost, under the proposed International Accounting Standard (IAS) 39 requirements.
Publication Name: CA Charter
Subject: Business
ISSN: 1446-4543
Year: 2003
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