Australia has Embraced a Less than Ideal Accounting Standard Essay

Australia has Embraced a Less than Ideal Accounting Standard Essay

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The Corporate Law Economic Reform Program No 9 discussion paper, recommended that Australia adopt the International Financial Reporting Standards (IFRS) which commenced 1st January 2005. A key driver for this recommendation was realization that Australia was part of an increasingly global network. It was suggested that adoption of the IFRS would lead to “high quality, internationally accepted accounting standards which will facilitate cross border comparisons by investors”, (CLERP No.9 2003). A benefit of improved comparability of accounting information would be enhanced bilateral capital flows at a lower cost to Australian firms. This prompted much debate and expressed concerns in Australia with the IFRS introduction. Many of the concerns related to “a potential loss of autonomy and legitimacy in standard setting”, (Jones & Wolnizer 2003). They also suggest that “the perception that IFRS are of lower quality than local Australian standards”.
The adoption of IFRS changed financial reporting requirements for Australian businesses. New standards were proclaimed to cover previously loosely regulated areas of financial reporting. AASB138/IAS38 Intangible Assets was proclaimed with the adoption of IFRS. Prior to 2005 Intangible Assets were not covered by an overarching standard, but aspects were covered by a number of related accounting standards. AASB 138 caused much consternation for Australian businesses in meeting new criteria. This paper examines the standard for Intangible Assets and explores consequences for research and development (R&D) expenditure.

Qualitative features of financial information are imperative in making decisions for the firms and corporate. Financial information reveals a firm’s ava...

... middle of paper ...

Schipper, K 1989, ‘Commentary on Earnings Management’, Accounting Horizons, Vol September, pp. 91-103, retrieved 2nd January 2014, EBSCOHost database.
Treasury Department 2002, ‘CLERP No 9 ‘Proposal for Reform – Corporate Disclosure Part 6 Accounting Standards’,
Watts, R & Zimmerman, J 1978, ‘Towards a Positive Theory of the Determination of Accounting Standards’, The Accounting Review, Vol LIII, No 1, pp 112-134.
Zare, I, Nekounam, J and Gerami, A 2012 , ‘Review Reliability for Value of Intangible Assets in Financial Statements’, Vol. 2, no. 3, pp. 7115 - 7119 , Journal of Basic and Applied Scientific Research <,%202%287%297115-7120,%202012.pdf>

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