Financial reporting: managing the revolution

Article Abstract:

The convergence of practices in private and public sector accounting has been one of the more remarkable trends in Australia in recent years. In the Australian state of Victoria purchasing reforms, contestability, and accrual based output management have been the cornerstones of this trend. The development of new skills, information technology, and, especially, the training needs are among the biggest challenges of this convergence.

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Questions answered

Article Abstract:

It is unclear as to how the International Financial Reporting Standards(IFRSs) will be incorporated into the Australian accounting framework. Many issues related to this were clarified in Urgent issues Group (UIG) meeting.

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Reporting update

Article Abstract:

Issues relating to accounting which have been surveyed by the Australian Accounting Board, the Auditing and Assurance Standards Board, the Legislation Review Board and the Urgent Issues Group are discussed.

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