In July 2002, the Financial Reporting Council (FRC) issued a bulletin requiring that the AASB would adopt IASB standards from 1 January 2005 for:

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The Financial Reporting Council (FRC) issued a bulletin in July 2002 requiring the Australian Accounting Standards Board (AASB) to adopt International Accounting Standards Board (IASB) standards for all financial statements from 1 January 2005. This decision was part of Australia's move towards international financial reporting standards to enhance comparability and quality of financial reporting.

In July 2002, the Financial Reporting Council (FRC) Issued a Bulletin