The New Accounting Standards Implementation in Australia

This paper reviews about Implementation of IFRS as Australia decided to adopt it in 2005. Besides its advantages, the adoption also generates several costs. In the short term, business and accounting practices suffered in several areas. Meanwhile, in the long terms it could be a large number of advantages that can not be measured by early year sacrifice. Convergence of business practices, government, and accounting profession functions will make transition progress easier to handle.

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