Eighty percent of people involved in financial reporting in Australia believe that International Financial Reporting Standards should be simplified, a survey by the accounting firm Grant Thornton found. At the same time, 78% of the accountants, chief financial officers and directors responding said converting to IFRS was a good idea. More than 80% of respondents supported the introduction of a simplified IFRS standard for small and medium-sized enterprises, while more than half said smaller listed companies that gain shareholder approval should be allowed to adopt the simplified standard. Australia adopted IFRS in 2005.

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