AWARENESSccounting and Auditing Developments ISSUE 4 MAY 2004ACCOUNTING 1ACCOUNTING UPDATEUPDATEAASB 1047 DISCLOSING THE IMPACTS OF ADOPTING AUSTRALIAN INTERNATIONAL 3EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING UPDATESTANDARDSMISCELLANEOUS 4The purpose of the Standard is to provide users of financial reports PUBLICATIONSwith relevant and reliable information about the impacts of changes LEGISLATIVE 5in accounting policies in the period leading up to implementing the CHANGES UPDATEFinancial Reporting Council’s strategy directive to adopt Australian equivalents to International Reporting Standards (IFRSs). TREASURY UPDATE 5The Standard applies to all reporting entities, including not for profit PREMIER’S 8entities, for interim and annual reporting periods ending on or after 30 DEPARTMENT UPDATEJune 2004 and ceases to apply once an entity has adopted Australian equivalents to IFRSs.AUDIT OFFICE 9BETTER PRACTICEIn respect of 30 June and 31 December 2004 financial reports entities GUIDESare required to explain how the transition to Australian equivalents to IFRSs is being managed and to provide a narrative explanation of the key differences in accounting policies that are expected to arise from adopting Australian equivalents to IFRSs.Adoption of Australian equivalents to IFRSs may result in changes to accounting policies that have significant impacts on the reported financial position and financial performance of an entity. The Australian ...