Australian Move To Adopt International Accounting Standards By 2005
Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), has welcomed the decision of the Financial Reporting Council (FRC) of Australia to endorse formally the adoption of International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs) for Australian reporting entities by 1 January 2005. The FRC’s decision is in line with Australian Government policy and legislation calling for the international convergence of accounting standards. In addition, to assist in the development of international standards, the FRC proposes a substantial financial contribution to the IASC Foundation for 2002-2003. Australia’s adoption of international accounting standards closely follows the European Union’s decision of 7 June 2002 to adopt international standards for publicly traded companies within the EU.