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Adoption of IFRS in Australia
Essay specific features
Written by:
Vincent P
Date added:
April 28, 2014
Level:
University
Grade:
A
No of pages / words:
4 / 972
Was viewed:
490 times
Rating of current essay:
Essay content:
At that time of formation, the board of IASC consists of Australia, Canada, France, Germany, Japan, Mexico, Netherlands, UK, Ireland and USA. The establishment of IASC was a result of an agreement by the accountancy bodies within those countries.
In 1977 International Federation of Accountants (IFRC) was formed and was working closely with all the members within IASC...
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Their aim is to “produce guidance practicing accountants for practicing accountants and auditors. The main objective of the IFAC and IASC is the achievement of a harmonized – ultimately globalised – profession with the highest technical and ethical standards”. (Tsufuoki F, 2000)
In 1981 both bodies agreed that IASC would have full control in setting international accounting standards as well as issuing documents in relations to international accounting matters...
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