Australian FRC Pledges Commitment to IFRS
The Financial Reporting Council (FRC) of Australia has agreed, in principle, to adopt International Financial Reporting Standards (IFRS) for Australian reporting entities from 2005. The FRC’s decision means that Australia will be adopting IFRS within the same timeframe as the Member States of the European Union. Commenting on the FRC’s decision, Paul Volcker, Chairman of the International Accounting Standards Committee (IASC) Foundation and former Chairman of the US Federal Reserve Board, said, ‘The decision by the FRC is an important vote of confidence for the work of the IASC Foundation and the IASB. The IASB worked hard to complete a platform of high quality standards by the end of March 2004. Based on Australia’s strong accounting tradition and on the AASB’s active liaison with the IASB, I am confident that Australia will be able to make a smooth transition to international standards.