Working through IFRS challenges

The 2005-2006 financial year was the first in which International Financial Reporting Standards were implemented in Australia. The migration to IFRS has gone relatively smoothly and for the first time the country’s financial reporting is in line with guidelines set by the global standards overseer. Submissions from stakeholders on progress with the implementation identified several themes including: the level of Australian influence over the development of IFRS; the education and skill level of those responsible for implementing and interpreting the new standards; and issues affecting small and medium-sized enterprises. To learn more about the challenges, read the article “Working through IFRS challenges ” in the February 2007 issue of Charter magazine.