Contact: Michael Potter
Deloitte
Victorian PR Consultant
0417 541 737

Contact: Dennis Goldner
Deloitte
Partner
03 9208 7276

At a breakfast forum today, John Brumby, Treasurer of Victoria, said that the Government’s 2005-06 Budget will be the first IFRS based report for any Australian entity and one of the first for any Government in the world.

John Brumby outlined the Victorian Government’s approach at a breakfast forum hosted by Deloitte and attended by over 100 senior departmental heads, departmental secretaries, CEOs, CFOs, senior representatives of major statutory authorities and attendees drawn from the private sector.

Commenting at the forum on the State’s IFRS preparedness, the Treasurer said:

"Victoria finds itself leading the way for public sector organisations not only in Australia but in the world because most nations have applied IFRS only to listed companies.

"In addition, most Australian corporates will compile their first IFRS based reports in early 2006 when 2005-06 half year reports are published. Because Governments report prospectively via the State Budget, we are almost a year ahead of them in applying IFRS based accounting standards to the forthcoming Budget.

"Our adoption of IFRS will further confirm Victoria’s triple A long term credit rating as well as giving the State first mover advantage in terms of investment flows, public and private partnerships and strategically positioning the State as international best practice in public sector financial management."

The upcoming May Budget and today’s forum mark important milestones in the Government’s transition to and leadership in IFRS said Dennis Goldner, Deloitte Lead Partner, Victorian Government Team.

"The forum has provided an opportunity for attendees to explore the key reporting issues for the State with the Treasurer.

"Our team, drawn from a range of practice areas, most notably IFRS, A & A and Consulting, has been working closely with the Department of Treasury and Finance and Auditor General’s Office for the last 18 months and has a strong collaborative relationship with the Victorian Auditor-General’s Office in relation to IFRS reform.

"Working through the standards with preparers, identifying key areas CEOs and CFOs need to question and conducting IFRS implementation training sessions are some of the tasks the Deloitte team has been engaged on.

"It is gratifying to see that Victoria leads the way and it has been a privilege for Deloitte to play a part in ‘setting the benchmark’ for the Australian public sector," said Dennis Goldner.

Professor David Boymal, Chairman of the Australian Accounting Standards Board, said it is gratifying that public sector implementation of Australian equivalents to IFRSs is moving forward and congratulated the Victorian government on this important achievement and its commitment to high quality financial reporting.

In recent months, Deloitte has further strengthened its public sector team which is experiencing exponential growth from public sector clients seeking to bring their accounting practices into line with International Standards and public utilities moving to transition to the National Tax Equivalents Regime.