This report examines the impact of adopting International Financial Reporting Standards (IFRS) on Australian accounting practices. It analyzes the changes in reporting assets, liabilities, revenues, and expenses, focusing on the case of Woolworths, a prominent ASX-listed company. The report compares financial statements before and after IFRS adoption, highlighting key differences in accounting policies and their effects on financial performance. It also discusses the broader implications of IFRS adoption for Australian companies and the accounting profession.