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Australia has introduced Australian equivalents to International Financial Reporting Standards (AIFRS)

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  • Essay length: 3497 words
  • Submitted: 20/06/2006
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University Degree Accounting

The first 200 words of this essay...

Globalisation has led more countries to open their doors to foreign investment. As business expands across borders, both the public and private sectors are increasingly recognising the need for globally accepted accounting and auditing standards. Most major capital markets are pursuing convergence towards a single set of globally accepted standards recognising that global capital markets require high quality, globally consistent and uniform regulatory and standards regimes.

So Australia has introduced Australian equivalents to International Financial Reporting Standards (AIFRS) for reporting periods commencing on or after 1 January 2005. The transition from the previous Australia Generally Accepted Accounting principles (AGAAP) to AIFRS is a major change for companies.

Based on the research from academic and professional journals, 'the benefits of adopting IFRS are obvious' (Carroll, 2003a), it becomes a more effective communication and engagement between business, investor and other shareholders. The benefits of adoption are likely to outweigh of the negative impacts.

A1. Benefits to Australian Business

a) Quality and Comparability of

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