This report critically examines the adoption of International Financial Reporting Standards (IFRS) in Australia and New Zealand, focusing on the usefulness of financial reporting regulations for Australian reporting entities and the relevance of Positive Accounting Theory (PAT). The report delves into the transitional issues, challenges, and benefits of IFRS adoption, providing a comparative analysis of the two countries. It explores the motivations behind IFRS adoption, including the role of globalization and the need for standardized financial reporting. The report also investigates the challenges faced during IFRS implementation, such as legal frameworks, lack of training, and funding issues. Furthermore, it highlights the benefits of IFRS adoption, including reduced capital costs, increased transparency, and improved comparability of financial data. The report concludes by offering recommendations for future directions to national accounting setting bodies, based on the research and analysis conducted.
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