AASB adoption of IASB standards by 2005

Last updated 10 August 2004

In adopting the IASB’s standards, the AASB’s overall approach is to adopt the content and wording of IASB standards. Words are only being changed where there is a need to accommodate the Australian legislative environment. An example is the need to include an Australian application paragraph that mentions the Corporations Act 2001. These changes do not affect the substance of the requirements.

The IASB’s focus is on for-profit entities. The AASB is responsible for setting accounting standards for all types of reporting entities2. Additional text, suitably identified, is included in the AASB standards to deal with those limited cases where there is a need to have different or additional requirements for not-for-profit entities3. These additions do not impact on the requirements in relation to for-profit entities.

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