International convergence 2005: Off and running

Article Abstract:

The Financial Reporting Council (FRC) of Australia has announced that by January 1, 2005 Australia should adopt the international accounting standards. As a result of this announcement, the Australian companies that prepared their financial reports as per the Companies Act 2001 will have to prepare their reports as per the international guidelines and before January 1, 2005 the Australian Accounting Standards Board (AASB) will have to be converged with their international equivalents.

International aspects

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Lingering problems in accounting and auditing

Article Abstract:

Despite recent corporate accounting scandals, auditors are still under pressure from the clients and more senior colleagues to bend the rules to achieve more favorable financial results. Auditors should resist such pressure and strictly follow accounting principles. In addition, there are ways regulators could remove incentives to violate these principles.

Public affairs, Ethics, Auditing, Ethical aspects, Auditors

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Changes afoot

Article Abstract:

The impact of the introduction of International Financial Reporting Standards (IFRS) on the Australian financial reporting is discussed. All financial assets and liabilities would require to be recognized, many at fair values and some at amortized cost, under the proposed International Accounting Standard (IAS) 39 requirements.

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