IFRS (International Financial Reporting Standards) are developed by the International Accounting Standards Board (IASB), the independent, standard setting body of the IFRS foundation in London. The IFRS Foundation's mission is to develop IFRS standards that bring global transparency, accountability and efficiency to the financial markets.

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In more than 150 countries worldwide, the application of IFRSs is either mandatory or permitted.  In Australia, Australian equivalents to IFRSs (Australia Accounting Standards) have been mandatory for all reporting entities, including listed companies and financial institutions, since 1 January 2005.

Australian Accounting Standards, including Interpretations, are issued by the Australian Accounting Standards Board.  They incorporate IFRSs (including Interpretations) issued by the IASB, with the addition of:

  • paragraphs on the applicability of each Standard in the Australian environment;
  • requirements specific to Australian entities (for example not-for-profit private or public sector entities); and
  • additional disclosures that address domestic regulatory or other issues.

Currently, Australian Accounting Standards apply to reporting entities and financial statements that are, or held out to be, general purpose financial statements.  This is referred to as the ‘reporting entity’ concept.  There is a differential reporting framework for general purpose financial statements:

  • Tier 1 applies all Australian Accounting Standards.  This tier applies to for-profit entities that are publicly accountable, where compliance also ensures compliance with IFRS as issued by the IASB.
  • Tier 2 (often known as ‘reduced disclosures regime’) retains the recognition and measurement requirements of Australian Accounting Standards, but with reduced disclosure requirements.  For-profit entities that do not have public accountability may elect to apply this tier.

The Australian Accounting Standards Board has made significant changes to the reporting framework in Australia, that becomes mandatory for annual periods beginning 1 July 2021. More information on this change can be found below.

EY maintains a global IFRS network to ensure a consistent application of IFRS worldwide. We are represented in international as well as in Australian national bodies and can therefore contribute to informed discussions for improving financial reporting. In our Oceania IFRS Professional Practice team, we have specialists with extensive experience in IFRS application and sector expertise.


Australian Publications

In addition to our globally recognised IFRS commentary "EY International GAAP®", IFRS Outlook, IFRS Developments, Applying IFRS and IFRS Core Tools, we provide insights to the community through our communications on current Australian developments.

Global IFRS Publications

Our global IFRS publications provide practical technical guidance, latest thinking and tools for financial reporting under IFRS.

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Global IFRS insights for audit committee members and senior management

Our latest thought leadership for audit committee members and senior management, to support in interpreting and applying IFRS.

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