The Financial Reporting Council (FRC) of Australia has agreed, in principle, to adopt International Financial Reporting Standards (IFRS) for Australian reporting entities from 2005. The FRC’s decision means that Australia will be adopting IFRS within the same timeframe as the Member States of the European Union. Commenting on the FRC’s decision, Paul Volcker, Chairman of the International Accounting Standards Committee (IASC) Foundation and former Chairman of the US Federal Reserve Board, said, ‘The decision by the FRC is an important vote of confidence for the work of the IASC Foundation and the IASB. The IASB worked hard to complete a platform of high quality standards by the end of March 2004. Based on Australia’s strong accounting tradition and on the AASB’s active liaison with the IASB, I am confident that Australia will be able to make a smooth transition to international standards.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.