Australia is adopting International Accounting Standards for reporting periods commencing on or after 1 January 2005. This means that most Tasmanian Government Entities will commence applying Australian equivalents of International Accounting Standards (AEIFRSs) from 1 July 2005.

The Australian equivalent standards applicable 1 July 2005 were released in July 2004 by the AASB and can be accessed from the AASB web site.

Treasury will be assisting agencies with the implementation of Australian Equivalents to International Financial Reporting Standards (AEIFRS) and has prepared the following material:

• Implementation Plan for General Government Sector Entities
• Summary of the Major Impacts on the General Government Sector