Background 
 
On 3 July 2002 the Financial Reporting Council (FRC) announced that Australia would adopt international accounting standards as issued by the International Accounting Standards Board (IASB) by 1 January 2005. The Institute of Chartered Accountants in Australia (The Institute) has been a strong supporter of the 3 July 2002 directive of the Financial Reporting Council. 
 
For more information, refer to the Introduction and Background to Australian Equivalents to International Financial Reporting Standards 
 
AASB Stable Platform  
 
In March 2004 the Australian Accounting Standards Board (AASB) issued the complete suite of Australian equivalents to the International Financial Reporting Standards (AIFRS) that apply to all Australian reporting entities for financial years beginning 1 January 2005. 
 
This suite of accounting standards is considered a "stable platform" which provides users and preparers of financial statements with certainty in the transition to international harmonised accounting standards.