Implications of International Accounting in Australia after IFRS Period

HI6025 Accounting Theory and Current Issues
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Executive summary:
In this assignment report, we have compared the international accounting in Australia after
the period of IFRS. There is the comparison of implications from the prior period to pre-
period. In this report, it has explained that accounting policy, the changes which are estimated
before the prior period accounting 31st Dec 2005 and after the post period from 31st Dec 2005.
Australian accounting standard boards (AASB) sets the framework uses the IFRS standards,
to develop and maintain the accounting standard. Basically, in this report, we are comparing
the international accounting standards in Australia after IFRS. IFRS is a standard which
brings the financial accountability in the market. International Accounting standard board
gives the global standard for the preparation of the financial statement. There are many
countries which are using IFRS.
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Contents
Executive summary:...............................................................................................................2
Introduction:...........................................................................................................................4
“Implications of International Accounting in Australia after IFRS Period”..........................5
IFRS MAIN FOCUS:.............................................................................................................6
International accounting in Australian before the IFRS period (Prior 31st Dec 2005) and
after the period (31st Dec 2005):.............................................................................................7
IFRS and local government:...................................................................................................9
Conclusion:..........................................................................................................................10
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Introduction:
International financial reporting standards (IFRS) is an accounting standard followed by the
number of companies. Australia is one of the major countries of economy who has adopted
IFRS. To conduct this a person should have the knowledge of the accounting principles,
rules, and regulation, etc. To assist this a person should have the knowledge of literature.
IFRS is reporting is made by both the profit or non-profit organization. It basically focuses on
the report that is made by after 2005 so that they provide overall effectiveness and efficiency
to take the decision. IFRS is acceptable in the global market capital because of the high
quality, efficiency, transparency, and compatibility. IFRS principles are equally implemented
over all the companies having market share in the global market because it brings relevancies
in reports and quality in financial reporting framework.
IFRS is the international financial reporting standard which flows the new standard and their
interpretations. This research is very important for local government entities. IFRS is the
complex process which is followed in Australia to understand the differences between the
other specific countries and local government. One of the reasons for the adoption of the
IFRS is the significant and the minor changes in the reporting requirements. These changes
help in adopting the methods, concepts processes and system.
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