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Essay / Research Paper Abstract
This 5 page paper looks at the adoption of the International Financial Reporting Standards in Australia, known as the A-IFRS. Adopted in 2005 the move was controversial, this paper looks at the historical move towards their adoption as well as the challenges, advantages and disadvantages seen in their adoption. The bibliography cites 4 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEAIFRS1.rtf
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Unformatted sample text from the term paper:
For some the mover has been argued as an expensive mistake that has been time wasting and has little potential to bring benefits, for others it is a timely revolution
in the accounting system that was overdue. Since 1973 there have been moves towards the development of international accounting standards to harmonize
the practices and standards throughout the world by providing a set of standards upon which national accounting bodies could base their own standards through the creation of the International Accounting
Standards Committee (IASC). The advantages of universal standards are immense, benefiting capital markets and international business by increasing the level of comparability, transparency and understanding (Practer, 2005). The move towards
the ideal took a step near reality when in 2001 the International Accounting Standards Board (IASB) replaced the IASC (Practer, 2005). The mission of the IASB was the global convergence
of accounting standards (Practer, 2005). The move to international convergence took place in Australia in 2005 when the international financial reporting standards were
adopted and known as the Australian IFRS or A-IFRS. The move to adopt these standards was always controversial. It was apparent to many in the accounting profession in Australia that
there was a need for renewal of standards, which had become outdated. There was a decision to make in terms of the way that the updating of the standards to
bring them to international standards would take place. As well as the IFRS there was another choice which could have been adopted; US GAAP. Although this was not technically an
international standard, it was required by the SEC in the US that any firms quoted in the US stock markets present accents compliant with this standard, For any international firms
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