Australia adopted International Financial Reporting Standards effective from:Group of answer choices1 January 20051 January 20071 January 20061 January 2004
Question
Australia adopted International Financial Reporting Standards effective from:
- 1 January 2005
- 1 January 2007
- 1 January 2006
- 1 January 2004
Solution
Australia adopted International Financial Reporting Standards (IFRS) effective from 1 January 2005. This transition was a significant change in accounting practices, as it aimed to improve the consistency and comparability of financial statements across international boundaries.
The adoption of IFRS was part of a broader move to enhance transparency and accountability in financial reporting, aligning Australia with global standards. The Australian Accounting Standards Board (AASB) made this transition to ensure that Australian entities would report their financial results consistently with international entities, thereby facilitating investment and increasing confidence among stakeholders.
In summary, the correct answer is 1 January 2005.
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