37. The impact of adopting International Accounting Standards

The Australian Accounting Standards Board (AASB) is adopting the Standards of the International Accounting Standards Board (IASB) for application to reporting periods beginning on or after 1 January 2005. AASB 1047 ‘Disclosing the Impacts of Adopting Australian Equivalents to International Financial Reporting Standards’ requires financial reports to disclose information about the impacts of any changes in accounting policies in the transition period leading up to the adoption date.

The PTA is managing the transition to Australian Equivalents to International Financial Reporting Standards (IFRS’s) with the establishment of a project team consisting of a working group analysing the current Australian Accounting Standards, Financial Administration and Audit Act, and Treasurer’s Instructions and comparing them to the proposed Australian Equivalents to IFRS’s and the associated new Treasurer’s Instructions and Financial Administration and Audit Act.Any differences in accounting policies that are expected to arise are then documented and the project team is responsible for implementing new accounting policies and procedures to comply with the Australian Equivalents to IFRS’s.

A steering committee has also been established to monitor the progress towards adoption of the Australian Equivalents to IFRS’s and to provide key policy decision making.

Currently there appears to be no key differences in the PTA’s accounting policies that are expected to arise from adopting Australian Equivalents to IFRS’s.

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