Implication of International Accounting Standards in Australia

Running head: Current Issues in Accounting 1
Current Issues in Accounting
Student’s (Name)
Institution

Current Issues in Accounting 2
Executive summary
This report provides the implication of International Accounting in Australia after IFRS
period particularly in the generational government reports. There has been changes in the
accounting sector globally since International Financial Reporting standards (IFRS) were
introduced, this standard slowly replaces national accounting standards of countries example
International Accounting Standards (IAS) for Australia.
In evaluating the implication of IFRS on generation of government reports this paper
considers the following areas AASB changes, accounting policy and estimate changes before and
after international accounting practices regime with a focus on AASB covered in Hi-6025 which
are AASB 29, AASB 27 and AASB 31.
This report presents findings from various reliable and accurate source, “IFRS adoption and
management earnings forecasts of Australian IPOs” published in 2017 and coauthored by Firth
and Gounopoulos. The data analyzed in this report indicates that even in change of Australia
accounting standards to International Financial Reporting Standards (IFRS) from Australian
Accounting Standards(AAS), there has been an increase in assets and liability with almost
constant overall position of accounting in the government even as this standard are focused on
further implementation. Lastly the information provides by this report not only useful in
Australia but in a lot of other countries even as they seek to evaluate the usefulness of the new
IFRS standards.

Current Issues in Accounting 3
Table of Contents
Executive summary.........................................................................................................................2
Introduction......................................................................................................................................4
Implication of IFRS.........................................................................................................................5
Conclusion.......................................................................................................................................8
Reference.........................................................................................................................................9