Political nature of accounting standard setting It is well known that the FASB has long opposed a merger and that the adoption of the International Standards in Australia in 2005 were contentious and highly political and the scenario indicates that some of the groups within the Australian business community would consider taking a backward step and revert to pre 2005 Australian GAAP. It is important for the AASB to consider how the adoption of IFRS in Australia in 2005 initially impacted Australian businesses and how it has affected the globalisation of Australian business and the incorporation of multinationals into Australian society so that Australian society will not be adversely impacted by any of the proposed changes.Using a variety of theoretical perspectives, critically analyse the adoption of IFRS in Australia and how changes proposed by the merger will affect .

How Australia does business both locally and internationally and in your advice to AASB outline the factors that will impact Australian companies and businesses.