IASCF Welcomes the Australian Financial Reporting Council Commitment to IFRS
Paul Volcker, Chairman of the International Accounting Standards Committee Foundation has welcomed the announcement by the Australian Financial Reporting Council to adopt International Financial Reporting Standards for reporting entities from 2005.
The Australian FRC's decision means that, subject to the clarification of certain issues, Australia will be adopting IFRSs within the same timeframe as the Member States of the European Union. More details regarding the decision are available at www.frc.gov.au/content/bulletins.asp.

Mr Volcker said, the decision by the FRC is an important vote of confidence for the work of the IASC Foundation and the IASB. The IASB worked hard to complete a platform of high quality standards by the end of March 2004. Based on Australian strong accounting tradition and on the AASB's active liaison with the IASB, I am confident that Australia will be able to make a smooth transition to international standards. While some practical challenges are associated with the implementation of any new standards, the decision to adopt international standards at an early date places Australia at the forefront of efforts to enhance confidence in an increasingly global market system of finance and investment.