By embracing global accounting standards, several countries and companies are embracing a vision for financial reporting that is not necessarily that widely known or understood. It is a vision that considers fair value measurement to be paramount, and rejects historical costs, accruals and the realization principle as irrelevant. In our study of David Jones limited, several effects have come to light and according to the international accounting bulleting (July 2005) Finance executives have told Ernst & Young UK (E&Y) that the two main issues impacting on the corporate tax function following the conversion to IFRS are the time taken to convert and the need to explain the effect to senior management. The main effects are as follows  A Balance Sheet Oriented, Fair Value Model. For DJs being in the retail industry it means that the value of assets and liabilities will change as the emphasis is now on measuring the fair values. The accounting process will be focused extensively on the recognition, de-recognition and measurement at fair value of companies' assets and liabil......

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