In summary, the Institute Submission argues that there should be minimal differences between Australian equivalents to IFRS (AIFRS) and IFRS. Mostly those differences will be due to either the need to adopt some Australian regulatory references as the Australian Corporations Act requires compliance with AIFRS, and necessary amendments for the Not-for-Profit (including the Public) Sector. The Institute would like to see a clear statement from the AASB that all the existing differences between IFRS and AIFRS have been eliminated, with disclosure and justification of any remaining differences.  
 
The final submission can be downloaded from here.