According to a 2006 National Institute of Accountants in Australia (NIAA) self-assessment, Australia adopted International Financial Reporting Standards (IFRSs) promulgated by the International Accounting Standards Board (IASB) effective January 1, 2005. However, the Deloitte IAS Plus website noted that at the time of issuance, the Australian Standards were not 100% compatible with IFRSs. IFRSs were adopted with some modifications - such as removing options and adding Australian paragraphs - due to the fact that Australian standards, unlike the international standards, are not exclusively meant for the for-profit sector. As a consequence, to bring Australian standards in line with IFRSs, in November 2006, the Australian Accounting Standards Board (AASB) issued Exposure Draft (ED) 151 "Australian Additions to, and Deletions from, IFRSs" for comment. According to the text of ED 151, the adoption of IFRSs in Australia is an ongoing process and the AASB must consider providing new or amended Australian equivalents in line with the amendments made to IFRSs. The Deloitte Accounting Alert of September 2007 noted that in March 2007, the AASB released Amending Standard AASB 2007-4 "Amendments to Australian Accounting Standards arising from ED 151 and Other Amendments" which implements the majority of the proposals in AASB ED 151 and also includes other amendments arising due to changes introduced by the IASB. The update further noted that these amendments will bring Australian standards in line with IFRSs. In addition, the text of the amended Australian standards, except for IAS 26, confirms that Australian standards are in compliance with IFRSs for the for-profit sector. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." As of May 2008, this standard amends 23 existing AASBs bringing them in line with the changes made to IFRSs.

General Overview

Australian efforts to harmonize national accounting practices with international practices started in 2002 with the issuance of Policy Statement number 4 (PS 4) on "International Convergence and Harmonization Policy" by the Australian accounting standard-setter, the Australian Accounting Standards Board (AASB). In this paper the AASB acknowledged that "there is a considerable divergence between standards issued by national and international standard-setting bodies" (p. 6) and therefore, the AASB proposed pursuing a policy of convergence and harmonization of Australian accounting standards (AASBs) with the international standards. According to the July 2004 update available on the Deloitte IAS Plus website, in June 2004 the AASB announced that it had finalized the pending versions of all Australian Standards and Interpretations that were considered to be equivalent to International Financial Reporting Standards (IFRSs) promulgated by the International Accounting and Standards Board (IASB). Finally, IFRSs were adopted, effective January 1, 2005. A 2006 National Institute of Accountants in Australia (NIAA) self-assessment confirmed that "Australia, as at 1 January 2005 adopted IFRSs as Australian accounting standards" (p. 80). However, the IAS Plus website noted that at the time of issuance, the Australian Standards were not 100% compatible with IFRSs as the international equivalents were adopted with some modifications, such as change in wording to reflect local legal environment, additional requirement for the not-for-profit sector, removing certain options, and additional disclosure requirements.

Therefore, to further eliminate these differences, on November 30, 2006, the AASB issued ED 151 "Australian Additions to, and Deletions from, IFRSs" for comment. According to the text of ED 151, the adoption of IFRSs in Australia is an ongoing process and the AASB must consider bringing new or amended Australian equivalents in line with the amendments made to IFRSs. More recently, the Deloitte Accounting Alert of September 2007 noted that in March 2007, the AASB released Amending Standard AASB 2007-4 "Amendments to Australian Accounting Standards arising from ED 151 and Other Amendments" which implements the majority of the proposals in AASB ED 151 and also includes other amendments to incorporate the changes to IFRSs introduced by the IASB. The update further noted that "the amendments made by AASB 2007-4 bring Australian equivalents to International Financial Reporting Standards (A-IFRS) much closer to their IFRS equivalents - in all, 34 different Standards are affected to some degree by the Amending Standard." Per the text of the amended Australian standards, except for IAS 26, all other Australian standards are in compliance with IFRSs for the for-profit sector.

According to the description of the legal and regulatory framework provided in the 2005 NIAA self-assessment, the Corporations Act of 2001 regulates accounting and reporting practices of companies, registered schemes and disclosing entities in Australia. The securities market regulator is the Australian Securities and Investments Commission (ASIC) which derives its authority from the Corporations Act and the Australian Securities and Investments Commission Act of 2001. The ASIC is responsible for enforcing and regulating companies and financial services to protect consumers, investors and creditors. Although not part of the standard setting bodies, the ASIC has a direct role in the implementation and interpretation of accounting standards. The ASIC conducts reviews of accounts in accordance with its procedures and accounting standards. In addition, non-compliance with reporting requirements for entities listed on the Australian Stock Exchange can lead to referrals to the appropriate regulators or result in suspension of trading. The Australian banking sector, non banking financial institutions and insurance companies are regulated by the Australian Prudential Regulation Authority empowered by the Australian Prudential Regulation Authority Act (APRAA) of 2001. Furthermore, the self-assessment noted that based on the APRAA 2001 and the Reserve Bank Act of 1959, the APRA and the Reserve Bank of Australia are responsible for monitoring compliance and enforcement of accounting, reporting and auditing requirements imposed on non-banking institutions under the Corporations Act. With regard to insurance companies, based on the APRAA 2001 and various other State and Commonwealth acts, the APRA is empowered for monitoring compliance with and enforcing accounting, reporting and auditing requirements for insurance companies specified in the Corporations Act.

As mentioned earlier, under the Corporations Act, the AASB is the standard setting body for the private and public sectors in Australia. According to the AASB website, the institutional arrangements for accounting involve a Financial Reporting Council (FRC) with the oversight responsibility for the AASB. With regard to the code of ethics, the 2006 NIAA self-assessment noted that the NIAA adopted the International Federation of Accountants (IFAC) code, however, with modifications. The CPA Australia, the Institute of Chartered Accountants in Australia, and the NIAA are listed as members on the International Federation of Accountants website.

The Principles

IFRS 1: First-time Adoption of International Financial Reporting Standards (effective 2006)

EN

According to the text of the Australian standard, "AASB 1 as amended is equivalent to IFRS 1 First-time Adoption of International Financial Reporting Standards, as issued and amended by the IASB" (p. 9). Further, entities that comply with AASB 1 will simultaneously be in compliance with IFRS 1. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard applies to annual reporting periods beginning on or after January 1, 2008 . It takes into account amendments through June 28, 2007.

IFRS 2: Share-based Payment (effective 2005)

EN

According to the text of the Australian standard, "AASB 2 as amended is equivalent to IFRS 2 Share-based Payment as issued and amended by the IASB" (p. 7). Further, entities that comply with AASB 2 will simultaneously be in compliance with IFRS 2. The text of the standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This standard applies to periods beginning on or after July 1, 2007 and incorporates amendments made through June 2007.

IFRS 3: Business Combinations (effective 2004)

EN

According to the text of the Australian standard, "AASB 3 Business Combinations incorporates IFRS 3 Business Combinations issued by the International Accounting Standards Board (IASB)" (p. 13). Further, entities that comply with AASB 3 will simultaneously be in compliance with IFRS 3. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting periods beginning on or after July 1, 2009. Early adoption is permitted only for for-profit entities for annual reporting periods beginning on or after June 30, 2007 but before July 1, 2009.

IFRS 4: Insurance Contracts (effective 2006)

EN

According to the text of the Australian standard, "AASB 4 as amended is equivalent to IFRS 4 Insurance Contracts as issued and amended by the IASB" (p. 7). Further, entities that comply with AASB 4 will simultaneously be in compliance with IFRS 4. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This compiled Standard applies to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised Standard incorporates relevant amendments made through June 28, 2007.

IFRS 5: Non-current Assets Held for Sale and Discontinued Operations (effective 2005)

EN

According to the text of the Australian standard, "AASB 5 as amended is equivalent to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations as issued and amended by the IASB" (p. 6). Further, entities that comply with AASB 5 will simultaneously be in compliance with IFRS 5, except for government departments that restructure administrative arrangements or administered activities. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This compiled Standard applies to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised Standard incorporates relevant amendments made through June 28, 2007. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." As of May 2008, this standard amends 23 existing AASBs, including AASB 5, bringing them in line with the changes made to IFRSs.

IFRS 6: Exploration for and Evaluation of Mineral Resources (effective 2006)

EN

According to the text of the Australian standard, "AASB 6 as amended is equivalent to IFRS 6 Exploration for and Evaluation of Mineral Resources as issued and amended by the IASB" (p. 6). Further, entities that comply with AASB 6 will simultaneously be in compliance with IFRS 6. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard applies to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised Standard incorporates relevant amendments made up to and including April 30, 2007.

IFRS 7: Financial Instruments: Disclosures (effective 2007)

EN

According to the text of the Australian standard, "AASB 7 as amended is equivalent to IFRS 7 Financial Instruments: Disclosures as issued and amended by the IASB" (p. 6). Further, entities that comply with AASB 7 will simultaneously be in compliance with IFRS 7. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard applies to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised Standard incorporates relevant amendments made up to and including April 30, 2007. More recently, in line with the IASB "Improvements Project", the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs including AASB 7, bringing them in line with the changes made to IFRSs.

IAS 1: Presentation of Financial Statements (effective 2007)

EN

According to the text of the Australian standard, "AASB 101 Presentation of Financial Statements is equivalent to IAS 1 Presentation of Financial Statements issued by the IASB" (p. 9). For-profit entities that comply with AASB 101 will simultaneously be in compliance with IAS 1. However, not-for-profit entities using the added "Aus" paragraphs in the Standard that specifically apply to not-for-profit entities may not be simultaneously complying with IAS 1, the text of the standard noted. This Standard may be applied to annual reporting periods beginning on or after January 1, 2005 but before January 1, 2009. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 101, bringing them in line with the changes made to IFRSs.

IAS 2: Inventories (effective 2005)

EN

According to the text of the Australian standard, "AASB 102 as amended is equivalent to IAS 2 Inventories as issued and amended by the IASB" (p. 6). For-profit entities that comply with AASB 102 will simultaneously be in compliance with IAS 2. However, not-for-profit entities using the added "Aus" paragraphs in the Standard that specifically apply to not-for-profit entities may not be simultaneously complying with IAS 2, the text of the standard noted. This compiled Standard applies to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised Standard incorporates relevant amendments made up to and including May 25, 2007. More recently, in line with the IASB "Improvements Project", the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project". As of May 2008, this standard amends 23 existing AASBs including AASB 102, bringing them in line with the changes made to IFRSs.

IAS 7: Cash Flow Statements (effective 1994)

EN

According to the text of the Australian standard, "AASB 107 as amended is equivalent to IAS 7 Cash Flow Statements as issued and amended by the IASB" (p. 7). Further, entities that comply with AASB 107 will simultaneously be in compliance with IAS 7. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard applies to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised Standard incorporates relevant amendments made up to and including July 2007. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 107, bringing them in line with the changes made to IFRSs.

IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors (effective 2005)

EN

According to the text of the Australian standard, "AASB 108 as amended is equivalent to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors as issued and amended by the IASB" (p. 6). Further, entities that comply with AASB 108 will simultaneously be in compliance with IAS 8. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard applies to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised Standard incorporates relevant amendments made up to April 30, 2007. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 108, bringing them in line with the changes made to IFRSs.

IAS 10: Events after the Reporting Period (effective 2005)

EN

According to the text of the Australian standard, "AASB 110 as amended is equivalent to IAS 10 Events after the Balance Sheet Date as issued and amended by the IASB" (p. 5). Further, entities that comply with AASB 110 will simultaneously be in compliance with IAS 10. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard applies to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised Standard incorporates relevant amendments made up to and including April 30, 2007. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 110, bringing them in line with the changes made to IFRSs.

IAS 11: Construction Contracts (effective 1995)

EN

According to the text of the Australian standard, "AASB 111 is equivalent to IAS 11 Construction Contracts issued by the IASB" (p. 6). Further, entities that comply with AASB 111 will simultaneously be in compliance with IAS 11. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after January 1, 2005 and early adoption is not permitted.

IAS 12: Income Taxes (effective 2001)

EN

According to the text of the Australian standard, "AASB 111 is equivalent to IAS 11 Construction Contracts issued by the IASB" (p. 6). Further, entities that comply with AASB 111 will simultaneously be in compliance with IAS 11. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after January 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007.

IAS 14: Segment Reporting (effective 1998)

EN

According to the text of the Australian standard, "AASB 114 as amended is equivalent to IAS 14 Segment Reporting as issued and amended by the IASB" (p. 7). Further, entities that comply with AASB 114 will simultaneously be in compliance with IAS 14. The text of the Standard also states that "certain disclosure requirements for reporting impairment losses by segment are included in AASB 136 Impairment of Assets, paragraphs 129 and 130" (p. 7) and additional paragraphs to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after January 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007.

IAS 16: Property, Plant and Equipment (effective 2005)

EN

According to the text of the Australian standard, "AASB 116 as amended is equivalent to IAS 16 Property, Plant and Equipment as issued and amended by the IASB" (p. 7). Further, for-profit entities that comply with AASB 116 will simultaneously be in compliance with IAS 16. However, not-for-profit entities using the added "Aus" paragraphs in the Standard that specifically apply to not-for-profit entities may not be in compliance with IAS 16, the text of the standard noted. This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 116, bringing them in line with the changes made to IFRSs.

IAS 17: Leases (effective 2005)

EN

According to the text of the Australian standard, "AASB 117 as amended is equivalent to IAS 17 Leases as issued and amended by the IASB" (p. 6). Further, entities that comply with AASB 117 will simultaneously be in compliance with IAS 17. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007.

IAS 18: Revenue (effective 1995)

EN

According to the text of the Australian standard, "AASB 118 as amended is equivalent to IAS 18 Revenue as issued and amended by the IASB" (p. 5). Further, entities that comply with AASB 118 will simultaneously be in compliance with IAS 18. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 118, bringing them in line with the changes made to IFRSs.

IAS 19: Employee Benefits (effective 2006)

EN

According to the text of the Australian standard, "AASB 119 as amended is equivalent to IAS 19 Employee Benefits as issued and amended by the IASB" (p. 8). Further, entities that comply with AASB 119 will simultaneously be in compliance with IAS 19. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 119, bringing them in line with the changes made to IFRSs.

IAS 20: Accounting for Government Grants and Disclosure of Government Assistance (effective 1984)

EN

According to the text of the Australian standard, "AASB 120 as amended is equivalent to IAS 20 Accounting for Government Grants and Disclosure of Government Assistance as issued and amended by the IASB" (p. 6). Further, for-profit entities that comply with AASB 120 will simultaneously be in compliance with IAS 20. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 120, bringing them in line with the changes made to IFRSs.

IAS 21: The Effects of Changes in Foreign Exchange Rates (effective 2005)

EN

According to the text of the Australian standard, "AASB 121 as amended is equivalent to IAS 21 The Effects of Changes in Foreign Exchange Rates as issued and amended by the IASB" (p. 7). Further, entities that comply with AASB 121 will simultaneously be in compliance with IAS 21. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through July 2007.

IAS 23: Borrowing Costs (effective 1995)

EN

According to the text of the Australian standard, "AASB 123 is equivalent to IAS 23 Borrowing Costs issued by the IASB" (p. 7). For-profit entities that comply with AASB 123 will simultaneously be in compliance with IAS 23. However, not-for-profit entities using the added "Aus" paragraphs in the Standard that specifically apply to not-for-profit entities may not be in compliance with IAS 16, the text of the standard notes. This Standard is applicable to annual reporting periods beginning on or after January 1, 2009 and early adoption permitted for annual reporting periods beginning on or after January 1, 2005 but before January 1, 2009. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 123, bringing them in line with the changes made to IFRSs.

IAS 24: Related Party Disclosures (effective 2005)

EN

According to the text of the Australian standard, "Paragraphs 1 to 22 of AASB 124 are equivalent to IAS 24 Related Party Disclosures as issued and amended by the IASB" (p. 7). Further, entities that comply with AASB 124 will simultaneously be in compliance with IAS 24. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus" and Paragraphs Aus25.1 to Aus25.9.3 require disclosing entities to provide additional details about key management personnel (KMP) that are not required by IAS 24.This Standard is applicable to annual reporting periods ending on or after December 31, 2005 and early application is not permitted.

IAS 26: Accounting and Reporting by Retirement Benefit Plans (effective 1998)

NC

According to the list of standards provided on the AASB website, an equivalent Australian standard for IAS 26 Accounting and Reporting by Retirement Benefit Plans does not exist in Australia.

IAS 27: Consolidated and Separate Financial Statements (effective 2005)

EN

According to the text of the Australian standard, "AASB 127 Consolidated and Separate Financial Statements incorporates IAS 27 Consolidated and Separate Financial Statements issued by the International Accounting Standards Board (IASB) in January 2008" (p. 10). Further, entities other than public sector entities that comply with AASB 127 will simultaneously be in compliance with IAS 27. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after January 1, 2005 and early adoption is not permitted. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 127, bringing them in line with the changes made to IFRSs.

IAS 28: Investments in Associates (effective 2005)

EN

According to the text of the Australian standard, "AASB 128 as amended is equivalent to IAS 28 Investments in Associates as issued and amended by the IASB" (p. 5). Further, entities that comply with AASB 128 will simultaneously be in compliance with IAS 28. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through June 28, 2007. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 128, bringing them in line with the changes made to IFRSs.

IAS 29: Financial Reporting in Hyperinflationary Economies (effective 1990)

EN

According to the text of the Australian standard, "AASB 129 as amended is equivalent to IAS 29 Financial Reporting in Hyperinflationary Economies as issued and amended by the IASB" (p. 5). Further, entities that comply with AASB 129 will simultaneously be in compliance with IAS 29. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 129, bringing them in line with the changes made to IFRSs.

IAS 31: Interests in Joint Ventures (effective 2005)

EN

According to the text of the Australian standard, "AASB 131 as amended is equivalent to IAS 31 Interests in Joint Ventures as issued and amended by the IASB" (p. 7). Further, entities that comply with AASB 131 will simultaneously be in compliance with IAS 31. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 131, bringing them in line with the changes made to IFRSs.

IAS 32: Financial Instruments: Disclosure and Presentation (effective 2005)

EN

According to the text of the Australian standard, "AASB 132 as amended is equivalent to IAS 32 Financial Instruments: Presentation as issued and amended by the IASB" (p. 7). Further, entities that comply with AASB 131 will simultaneously be in compliance with IAS 31. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007. More recently, in line with the IASB "Improvements Project", the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project". As of May 2008, this standard amends 23 existing AASBs including AASB 132, bringing them in line with the changes made to IFRSs.

IAS 33: Earnings per Share (effective 2005)

EN

According to the text of the Australian standard, "AASB 133 as amended is equivalent to IAS 33 Earnings per Share as issued and amended by the IASB" (p. 7). Further, entities that comply with AASB 133 will simultaneously be in compliance with IAS 33. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007.

IAS 34: Interim Financial Reporting (effective 1999)

EN

According to the text of the Australian standard, "AASB 134 as amended is equivalent to IAS 34 Interim Financial Reporting as issued and amended by the IASB" (p. 7). Further, entities that comply with AASB 134 will simultaneously be in compliance with IAS 34. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 134, bringing them in line with the changes made to IFRSs.

IAS 36: Impairment of Assets (effective 2004)

EN

According to the text of the Australian standard, "AASB 136 as amended is equivalent to IAS 36 Impairment of Assets as issued and amended by the IASB" (p. 6). For-profit entities that comply with AASB 136 will simultaneously be in compliance with IAS 36. However, not-for-profit entities using the added "Aus" paragraphs in the Standard that specifically apply to not-for-profit entities may not be in compliance with IAS 36, the text of the standard notes. This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 136, bringing them in line with the changes made to IFRSs.

IAS 37: Provisions, Contingent Liabilities and Contingent Assets (effective 1999)

EN

According to the text of the Australian standard, "AASB 137 as amended is equivalent to IAS 37 Provisions, Contingent Liabilities and Contingent Assets as issued and amended by the IASB" (p. 7). Further, entities that comply with AASB 137 will simultaneously be in compliance with IAS 37. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007.

IAS 38: Intangible Assets (effective 2004)

EN

According to the text of the Australian standard, "AASB 138 as amended is equivalent to IAS 38 Intangible Assets as issued and amended by the IASB" (p. 7). For-profit entities that comply with AASB 138 will simultaneously be in compliance with IAS 38. However, not-for-profit entities using the added "Aus" paragraphs in the Standard that specifically apply to not-for-profit entities may not be in compliance with IAS 38, the text of the standard notes. This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007. More recently, in line with the IASB "Improvements Project", the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project". As of May 2008, this standard amends 23 existing AASBs including AASB 138, bringing them in line with the changes made to IFRSs.

IAS 39: Financial Instruments: Recognition and Measurement (effective 2006)

EN

According to the text of the Australian standard, "AASB 139 as amended is equivalent to IAS 39 Financial Instruments: Recognition and Measurement as issued and amended by the IASB" (p. 10). Further, entities that comply with AASB 139 will simultaneously be in compliance with IAS 39. The text of the Standard also states that paragraphs added to the Australian standard that do not appear in the text of the equivalent IASB standard are identified with the prefix "Aus." This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 139, bringing them in line with the changes made to IFRSs.

IAS 40: Investment Property (effective 2005)

EN

According to the text of the Australian standard, "AASB 140 is equivalent to IAS 40 Investment Property issued by the IASB" (p. 7). For-profit entities that comply with AASB 140 will simultaneously be in compliance with IAS 40. However, not-for-profit entities using the added "Aus" paragraphs in the Standard that specifically apply to not-for-profit entities may not be in compliance with IAS 40, the text of the standard notes. This Standard is applicable to annual reporting periods beginning on or after1 January 2005 and early application is not permitted. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 140, bringing them in line with the changes made to IFRSs.

IAS 41: Agriculture (effective 2003)

EN

According to the text of the Australian standard, "AASB 141 as amended is equivalent to IAS 41 Agriculture as issued and amended by the IASB" (p. 6). For-profit entities that comply with AASB 141 will simultaneously be in compliance with IAS 41. However, not-for-profit entities using the added "Aus" paragraphs in the Standard that specifically apply to not-for-profit entities may not be in compliance with IAS 41, the text of the standard notes. This Standard is applicable to annual reporting periods beginning on or after July 1, 2007 and early application is permitted. The revised standard incorporates amendments made through April 30, 2007. More recently, in line with the IASB "Improvements Project," the AASB adopted Accounting Standard AASB 2008-5 "Amendments to Australian Accounting Standards arising from the Annual Improvements Project." This standard amends 23 existing AASBs, including AASB 141, bringing them in line with the changes made to IFRSs.