Implications of International Accounting in Australia after IFRS Period

Implications of International Accounting in Australia after IFRS
Period
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Contents
Executive summary.........................................................................................................................3
Introduction......................................................................................................................................4
Practical explanation of chosen topic..............................................................................................5
Conceptual knowledge.....................................................................................................................6
Summary and practical contribution................................................................................................8
References........................................................................................................................................9
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Executive summary
Main objective of this report is to identify the changes that has occurred in financial statement
and financial accounting process of business entities working in Australia due to implementation
of IFRS. Here an article is analyzed that evaluates the impact of changes in accounting
framework to IFRS on business entities operating in Australia. Analysis is done on the basis of
article under evaluation and other articles that are published regarding same subject matter.
Overall conclusion is made on the basis various views presented by different authors in rested of
changes that occurred due to implementation of IFRS.
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Introduction
This report is based on published journal article titled “The Effect of IFRS Adoption on the
Financial Reports of Local Government Entities” written by Kamran Ahmed and Manzurul
Alam. This article has detailed out the Impact of adoption of IFRS on the financial accounting
process of Australian companies. Main focus of this article is on changes in accounting valuation
and estimation that have occurred in the process of adoption of International Financial reporting
standards which has replaced previous Australian Accounting Standards. This change was done
to harmonize the accounting and reporting framework used by Australian companies with that of
accounting reporting of companies in international market.
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