4 June 1998
The National Executive of the Group of 100, meeting in Sydney today, confirmed its support for International Accounting Standards (IAS) as a means of achieving the Group's objective of facilitating cross-border listing and capital raisings.
The Group believes that the endorsement of IAS standards by the International Organisation of Securities Commissions (IOSCO) and the US Securities and Exchange Commission (SEC) for cross-border listing is a pre-requisite for final acceptance of IAS standards by Australia.
As final IAS core standards are issued, the Group wishes to ensure that Australia moves forward consistently with other major capital markets.
Within the above context, the Group of 100 endorsed Australia's commitment to harmonise with IAS standards so that compliance with Australian Accounting Standards will ultimately result in compliance with International Accounting Standards, thus meeting the above objective for cross-border listing and capital raising.
In reviewing the harmonisation programme, concern was expressed that the current timetable did not provide adequate time for the Australian Accounting Standards Board (AASB) to prepare and issue Exposure Drafts and Standards: nor did companies have adequate time to review these drafts and provide meaningful comments. The National President stated that he believed that extending the timetable would best facilitate the Group's stated objective.
For further details please contact:
Bryce Denison 08 9327 4276
Michael Gillian 03 9609 3821
Click here to view the Policy Statement on International Harmonisation
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