Published on 16 Feb 06
by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA
The move from AGAAP to AIFRS will affect most, if not all reporting entities in many ways. In many respects the banking industry will be the most affect by the move to AIFRS, given the combination of the nature of its business, and the overall size, complexity and global scale of the organisations within the industry. This paper outlines the major differences between AGAAP and AIFRS and sets out some of the key financial reporting, tax and systems factors that affect the banking industry as a result of its move to AIFRS.