The advantages and disadvantages of new accounting standards IFRS

Introduction In 2002, the Financial Reporting Council (FRC) announced that Australia would adopt the accounting standards issued by the International Accounting Standards Board (IASB) from 2005(Baxter 2005). After the first of July 2005, the new standards (IFRS) start to use across national border. companies would be required to report current results under IFRS and restate recent results. They will also have to report their latest results under the old accounting standard, which should make comparing results on a …

…adopt IFRS standards and secure its position in global capital market. Reference: Baxter, p 2005, ACCT19062 issues in financial reporting, Study Guide, Central Queensland University, Rockhampton. Deegan, C 2005, Australian financial accounting, 4th edn, McGraw-Hill, North Ryde. Neil, G 2002, Accounting for the Global Economy, Oxford university press, Oxford. Spulber, D 2001, A Second Opinion on International Accounting Standards, MIT Press, Cambridge, Massachusetts. Spencer, K 1998, The View from the AASB: Take it Easy, Get it Right, Australian CPA, SU.