Accounting Standard

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Accounting Standards

Building international opportunities for Australian business

Corporate Law Economic Reform Program
Proposals for Reform: Paper No. 1

© Commonwealth of Australia 1997
ISBN 0 642 26110 5

This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission from the Australian Government Publishing Service. Requests and inquiries concerning reproduction rights should be directed to the Manager, Commonwealth Information Services, Australian Government Publishing Service, GPO Box 84, Canberra ACT 2601.

The Government is seeking comments from interested parties on the detail of the proposals in this paper which should be forwarded to the following address:|
First Assistant SecretaryBusiness Law DivisionThe TreasuryParkes PlacePARKES ACT 2600|Telephone:Fax:Email:|02 6263 396002 6263|
Copies of this paper are available from the Australian Government Publishing Service and on the Treasury web site ( concerning the paper can be made to:Ms Veronique IngramAssistant SecretaryThe TreasuryTelephone: 02 6263 3970|

Printed by the Australian Government Publishing Service

Table of Contents
Abbreviations v
PART 1: Reform Proposals 1
PART 2: Introduction 9 2.1 Background 9 2.2 Key economic principles 10
PART 3: The Case for Reform 11 3.1 Impetus for reform 11 3.2 What the Government is seeking to achieve 12
PART 4: Role of Accounting Standards 13 4.1 Objectives and impact of accounting standards 13 4.2 Content of accounting standards 14 4.3 Need for cost/benefit analysis of standards 16 4.4 Appropriateness of particular accounting standards 17
PART 5: Role of International Accounting Standards 19 5.1 Global environment 19 5.2 Australia’s place in the world…...

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