The new guard

Article Abstract:

The impact of the new international standard on impairment of assets on Australian entities, including the impact on cash generation units and goodwill is examined. However, the exposure draft suggests that an entity determine the recoverable amount for the cash-generating unit to which the asset has identified potential impacts on some specific asset classes.

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Accounting world on its head

Article Abstract:

The Financial reporting council (FRC) announced that all Australian reporting entities would be required to comply with International Financial Reporting Standards (IFRS) with effect from January 2005.Harmonization and convergence of accounting standards are approaching reality because of this.

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Tuning up financial instruments

Article Abstract:

The area that is the most likely to be affected by the move to international standards is the one where Australia lacks accounting standard. The recognitions and the measurements taken to improve the accounting and financial standards are discussed.

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