31 October 2016

Australian economy benefits from adoption of international accounting standards

The quality and comparability of Australian financial reporting has improved in the decade since local adoption of international reporting standards (IFRS), according to a research paper from the Financial Reporting Council (FRC) and Australian Accounting Standards Board (AASB).

The report indicates that local accounting under IFRS has had a positive impact on the Australian economy, been well received by investors and analysts of publicly-listed Australian companies, and has improved the comparability of Australian entities’ financial reporting against global peers.

Lee White, chief executive of the Chartered Accountants Australia and New Zealand (CA ANZ) and Helen Brand OBE, chief executive of the Association of Chartered Certified Accountants (ACCA) have both welcomed the findings of this report, praising Australian accountants for their effective implementation of complex international standards to the benefit of local companies, investors and the economy.

“This study clearly shows the importance of effective accounting practice to the Australian economy,”

“Subscribing to IFRS enables us to leverage the global market, particularly as accounting is a truly global profession. Accountants share their skills across many different locations and economies,

“Australia as a capital importer, and IFRS enables the rest of the world to have confidence in what our financial reports are showing”, said White.

Helen Brand OBE, chief executive of ACCA, said:

“As a global body, ACCA supports the international adoption of a consistent financial reporting framework. Australia was at the forefront of global accounting standards when it adopted IFRS a decade ago, and it is great to see that this has had a tangible positive impact on the local economy, and the value of Australian companies and their financial reports on a global scale.

“Consistent, ethical accounting is crucial to every country’s companies and markets, and together with CA ANZ, we are proud to train accountants who understand the complexities of IFRS and are able to apply these in the local market.”

The FRC and AASB report is available here.

ACCA and CA ANZ announced a landmark strategic alliance in June 2016. More information is available here.

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For media enquiries, contact:

ACCA

Adele Gilbert
Global Corporate Communications Manager, ACCA

Adele.Gilbert@accaglobal.com / +44 (0)20 7059 5077

CA ANZ

Sue Ashe

Senior Communications Manager, CA ANZ

sue.ashe@charteredaccountantsanz.com / +61 9080 5893

Notes to Editors

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. It offers business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 188,000 members and 480,000 students in 178 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 100 offices and centres and more than 7,110 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com.

About CA ANZ

Chartered Accountants Australia and New Zealand is a professional body comprised of over 120,000 diverse, talented and financially astute members who utilise their skills every day to make a difference for businesses the world over. 

Members are known for their professional integrity, principled judgment, financial discipline and a forward-looking approach to business which contributes to the prosperity of our nations. 

We focus on the education and lifelong learning of our members, and engage in advocacy and thought leadership in areas of public interest that impact the economy and domestic and international capital markets.

We are a member of the International Federation of Accountants, and are connected globally through the 800,000-strong Global Accounting Alliance and Chartered Accountants Worldwide which brings together leading Institutes in Australia, England and Wales, Ireland, New Zealand, Scotland and South Africa to support and promote over 320,000 Chartered Accountants in more than 180 countries.