ABSTRACT. Faux and Wise write that to cope with the increasing globalization of capital markets, financial regulators in Australia have embarked on an ambitious program to converge national accounting standards with IFRS. Jones and Wolnizer consider the current the current and future role and direction of the conceptual framework (CF) under the CLERP proposals and a potential IAS reporting environment after January 2005. Walker reviews Australia's differential reporting arrangements so as to highlight the extent to which reliance is placed on practitioners to apply the "reporting entity" rule for entities other than publicly listed corporations or borrowing corporations.