This report examines the impact of adopting International Financial Reporting Standards (IFRS) on Australian companies. It analyzes the changes in financial reporting behavior, comparing annual reports before and after IFRS adoption. The report highlights key areas of change, including depreciation, inventory valuation, borrowing costs, income recognition, tax treatment, employee benefits, and leasehold improvements. It concludes that IFRS adoption has enhanced the quality and transparency of financial reporting in Australia, promoting consistency and comparability across global markets.