The Australian Prudential Regulation Authority (APRA) has released an overview paper for ADI’s on the ‘Adoption of International Financial Reporting Standards – prudential implications’ that will assist APRA-regulated
institutions in their preparations for IFRS, which come into effect from the first reporting period on or after 1 January 2005.

IFRS will replace the Australian Accounting Standards. It will result in fundamental changes to accounting and taxation processes.