The New Accounting Standards Implementation in Australia
Essay title: The New Accounting Standards Implementation in Australia
This paper reviews about Implementation of IFRS as Australia decided to adopt it in 2005. Besides its advantages, the adoption also generates several costs. In the short term, business and accounting practices suffered in several areas. Meanwhile, in the long terms it could be a large number of advantages that can not be measured by early year sacrifice. Convergence of business practices, government, and accounting profession functions will make transition progress easier to handle.
Bibliography
BARTH, M. E. (2008) International Accounting Standards and Accounting Quality.(Report). Journal of Accounting Research, 46, 467.
BROWN, P. & TARCA, A. (2007) Achieving high quality, comparable financial reporting: A review of independent enforcement bodies in Australia and the United Kingdom. ABACUS-A JOURNAL OF ACCOUNTING FINANCE AND BUSINESS STUDIES, 43, 438-473.
SECURITIES AND EXCHANGE COMMISSION (2008) 17 CFR Parts 210, 230, 239 and 249 Acceptance From Foreign Private Issuers of Financial Statements Prepared in Accordance With International Financial Reporting Standards Without Reconciliation to U.S. GAAP; Final Rule. IN COMMISSION, S. A. E. (Ed.) Federal Register.
GAY, G. & SIMNETT, R. (2007) Auditing and Assurance Services in Australia, Sydney, Mc Graw -Hill Irwin.
GERHARDY, P. G. (2005) A Review of the Costs and Benefits of Australian Adoption