CPA program's IFRS revamp

Article Abstract:

The impact of incorporating international standards into the curriculum of the tertiary institutions across Australia is discussed. Two key issues that impede the transition to international financial reporting standards (IFRS) framework include the lack of coverage in accounting textbooks because of confusion regarding which standards to be adopted and higher cost of IFRS handbook than the Australian Accounting Standards Board (AASB) standards.

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New standard improves transparency

Article Abstract:

The Australian Accounting Standards Board (AASB) has issued accounting standard AASB 1046, termed as 'Director and Executive Disclosures by Disclosing Entities'. AASB 1046, which is based on the proposals of Exposure Draft 106, is effective for annual reporting periods ending on or after 30 June 2004 and applies to disclosing entities.

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Worth the wait

Article Abstract:

The implications of IFRS 1 "First-Time Adoption of International Financial Reporting Standards" are reviewed. The standard provides certain exemptions to the general requirements on the first-time adopter.

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