"Australia has recognised that its accounting standards need to be harmonised with standards elsewhere in the world. To make sure consistent application of IFRSs, CLERP No. 9 recommended that Australia adopt, from January 2005, official interpretations of IFRSs issued by the IASB's International Financial Reporting Interpretations Committee (IFRIC). As noted by CLERP No. 9, the comparability of a common set of accounting standards would be undermined ‘if standards are subject to differing interpretations and markedly different enforcement regimes".

Based on the above statement, Students are required to do research and prepare an essay which demonstrates their understanding about the issue, outline the controversy and justifications of Australia's shift to IFRSs. Journal Articles, Newspapers, Magazines and Websites will be valuable sources of information for this assignment.