3 November 2005

The project to create an Australian extension to the IFRS Taxonomy has commenced with the first phase of arranging the funding almost complete. For more detail refer to Consortium Activities - Taxonomy Development.

Our project to assess the potential of XBRL to streamline financial reporting from SME's to the banks for loan covenant monitoring is also under way with meetings having been held with all 4 major banks, the 2 main SME accounting software vendors and The Australian Bankers Association (ABA). For more detail refer to Consortium Activities - Banks and SMEs.

Australia is also actively engaged in the XBRL International Assurance Working Group that will work closely with the International Federation of Accountants (IFAC) to work through the issues related to audit and assurance of XBRL formatted reports. For more detail, see Consortium Activities - XBRL in Assurance.

For information on the latest news internationally go to the XBRL International web page.

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