A recent study by the Australian Bureau of Statistics showed more than 1,400 accountants left the country to work overseas permanently last year, according to Australia’s Daily Telegraph.According to experts in the industry, that trend is only likely to worsen in the common years as the rest of the world adjusts to the International Financial Reporting Standards, which have been in place in Australia since January 2005. Those standards are set to be widely adopted in 2008.
Adrian Raftery, a fellow of the Institute of Chartered Accountants, told the paper that he expects Australia to lose more accountants, while accessing those who remain will become harder and more expensive. He said that once adoption of the IFRS does become widespread, Australia’s accountants will benefit from their extra years of experience.
Raftery also said that the IFRS standards had already had a significant effect on the local market, particularly from the extra expenses generated for clients.
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