The Australian Accounting Standards Board is holding two discussion groups regarding the future convergence between Australian equivalents to international financial reporting standards and US generally accepted accounting principles (GAAP).
The round table discussions will take place at Institute offices in Melbourne on Friday 8 September (9.30-11.30am) and Sydney on Tuesday 12 September (1.30-3.30pm). A key focus will be the draft conceptual framework that the International Auditing and Assurance Standards Board (IASB) and US Financial Accounting Standards Board (FASB) recently issued.
Background
The starting point for a convergence of standards is to agree the conceptual framework on which to base them on. This will have significant implications in influencing the future direction of financial reporting and the Institute is monitoring this closely. In particular, the Institute will be pressing for the needs of not-for-profit and public sector entities to be taken into account.
See full Press Release.
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