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AC504: Ethical Issues in Business and Accounting
Assignment #6 for Professor Gates
By Nicholas Gainsbrugh
Overview of the Australian Accounting Standards Board and Harmonization with IFRS

Nicholas Gainsbrugh
Unit 6 Assignment for Prof. Gates Assignment: An Overview of the Australian Accounting Standards Board and Harmonization with IFRS Abstract: The accounting profession in Australia is thriving. The number of accountants employed at the professional level has risen strongly over the past decade, from around one hundred thousand in 1997to over one hundred fifty thousand in 2006 and it has really skyrocketed from there for the last 6 years. This paper will discuss what actions that Australia should take with regard to the adoption or (Harmonization) of IFRS. Many dissenters have complained - pointing attention to the political dimensions of the decision. While it might be politically unattractive for Australia to surrender some of its power to set its own standards, it would also be unattractive for Australia to remain on the outside while important international agreements are being made. This paper will also look developments in the adoption and implementation of IFRS around the globe, with particular interests in certain countries that are … within scope – similar to Australia - countries such as Canada, China and India. And if harmonization is not really a sensible reality, then would compatibility be a close second? Something to hope for if you fall short?
Accountants are in short supply in the Australian labor market. How short is the supply – you ask? Well, so short that in September 2004 the Australian Federal Government added accountants to the Migrant Occupations in Demand List (MODL). After a study was conducted - and the research showed that within the Australian job market there was an alarming shortage of Chartered Accountants (Also

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