TY - JOUR
AU - Philp, Russell
AB -  RUSSELL PHILP, GROUP C H I E F ACCOUNTANT, CSR LIMITED Bryan Howieson’s paper, which clarifies and questions inconsistencies between Australian generally accepted accounting principles and t h e likely requirements of SAC 4, invites no criticism. Rather, it gives a welcome emphasis to t h e potential burdens that could be imposed on companies and therefore to the question of whether SAC 4 should be mandatory. Companies which have overseas interests and borrow on international markets, and which prepare their accounts in accordance with SAC 4, will have to recast those accounts to make them understood by foreign providers of capital. T h e need to present both “conventional” and “recast” accounts will be a real cost in time and expense. Australia has made good progress in developing standards very much in accord with those in the United States. It seems retrograde to introduce concepts into Australian accounting practice, forced by SAC 4’s mandatory status, that will be grossly a t variance with American GAAP T h e chairmandesignate of the International Accounting Standards Committee, Michael Sharpe, put this plainly when h e said: “Australia is getting out of step. T h e pace of change is 
TI - C omment : O ut O f S tep
JO - Australian Accounting Review
DO - 10.1111/j.1835-2561.1993.tb00141.x
DA - 1993-05-01
UR - https://www.deepdyve.com/lp/wiley/c-omment-o-ut-o-f-s-tep-DFAolqBo3E
SP - 19
VL - 3
IS - 5
DP - DeepDyve
ER -