AASB 1 - First-time Adoption of Australian Equivalents to IFRS

The following is a list of articles regarding AASB 1 that may be of interest (please note that only members can view Charter articles):

Charter March 2006: "AIFRS financial reporting requirements", Lee White FCA

Important changes were made to ASIC class order relief and policy documents in 2004 and 2005.

Accounting Alert 2003/06: "First-time adoption of IFRS", Deloitte Touche Tohmatsu

This Accounting Alert provides an overview of the transitional provisions that will apply when Australia adopts converged AASB Standards in 2005, and some of the issues that will arise, assuming IFRS 1 is adopted in substantially the same format in Australia.

Charter April 2006: "Omnibus standards explained", Jeanette Dawes CA

The recent changes have had a significant impact on the AASB standards.

Charter November 2005: "Breaking down the barriers", Matt Adam Smith

The teething process may be long and painful but Chartered Accountants will be smiling – eventually – once they grapple with the intricacies of the biggest wholesale change in standards.

Charter August 2005: "A matter of stability", Jeanette Dawes CA

The AASB set out to provide a ‘stable platform’ to ensure a smooth transition to 2005 international accounting standards. Charter reviews the reality.

Charter August 2005: "Shout about it", Mark Vaessen and Andrea Waters

There is much to be done in communicating the effects of AIFRS to the market. Failing to do so could have a negative impact.

Charter March 2005: "ASIC AIFRS financial reporting requirements", Lee White FCA

Important changes were made to ASIC class order relief and policy documents in 2004 and 2005.

Charter August 2004: "Making a move", Colin Parker FCA

AASB 1 specifies that all reporting entities are required to prepare an opening balance as at the 2004 transition date to international accounting standards.

Charter March 2004: "Aiming high for the big bang", Colin Parker FCA

Pending AASB standards have been developed in preparation for the Big Bang, to assist in the speedy transition to 2005.

Charter December 2003: "International Convergence: Be Alert, But Not Alarmed", Jeffrey Knapp CA

This month, Jeffrey Knapp CA from the Institute’s Technical Standards Team provides an overview of the likely key changes in Australian GAAP resulting from 2005 international convergence.

Charter November 2003: "Translating International Standards: Not As Easy As It Looks", Ellen K. Stoddart, Senior Project Manager, Australian Accounting Standards Board

Implementing the Financial Reporting Council’s decision to adopt International Accounting Standards is not as simple as just changing ‘IAS’ to ‘AASB’. The decision has presented the AASB with a number of important legal challenges to resolve which are discussed in this article.

Charter July 2003: "Tick Tock 2005", Jeanette Dawes CA

The Institute’s technical standards team outlines the help available for members faced with the task of advising clients on compliance with international accounting standards by 2005.