Fifty-seven serious defects in 'Australian' IFRS

Stephen Haswell*, Ian Langfield-Smith

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

24 Citations (Scopus)


Australian accounting standards commonly used in the preparation of company financial reports have a controversial origin. Under a protocol adopted by the Financial Reporting Council, Australian accounting standards since 2005 substantially replicate the International Financial Reporting Standards (IFRS) made by the International Accounting Standards Board. These standards' continued development is largely outside the control of Australian authorities. The standards examined are found to have such a large catalogue of conceptual and technical deficiencies that the authors call to question the adoption of an Australian IFRS protocol.

Original languageEnglish
Pages (from-to)46-62
Number of pages17
JournalAustralian Accounting Review
Issue number1
Publication statusPublished - Mar 2008


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