Differences Between Current Australian GAAP and Australian Equivalents to IFRS

The Australian Accounting Standards Board recently issued 40 new or revised Accounting Standards referred to as Australian equivalents to International Financial Reporting Standards (A IFRS) applicable for all financial years beginning on or after 1 January 2005.

These Standards reflect the 'stable platform' created by the International Accounting Standards Board as at 31 March 2004 and early adoption of the Standards will not be permissible either on a piecemeal basis or in their entirety.

There are a number of differences between these A-IFRS and current Australian GAAP. This publication outlines the major differences in relation to for-profit entities, excluding disclosure differences.

Further amendments are still expected to the 'stable platform' and may be applicable in certain cases from 1 January 2005. Where an exposure draft has been issued the below comparison reflects these proposals.

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