Memories of Australia's initial transition to International Financial Reporting Standards (IFRS) may be fading, perhaps even as a bad nightmare in some cases.

However, further waves of IFRS transition are imminent, beginning with significant changes known or expected across many areas, starting from 2009-2010.

Entities need to monitor and understand these changes, design flexible systems and processes to manage their introduction and ensure that their voice is heard through the cacophony of opinion.