Impacts of International Financial Reporting Standards adoption on cost of equity capital, financial statement value-relevance, and firms' financing and investment strategies.

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The project's insights will assist policy makers to assess, progress and promote approaches to global economic and governance policy reforms. AIFRS adoption disturbs the financial markets equilibria previously struck under Australian accounting standards. Understanding this impact helps underpin micro- and macro- economic strategies and policy developments relying upon the role of financial reporting. It also assists capital markets to adapt to the new reporting environment, thus increasing capital allocation effectiveness and efficiency. Australia's position as an early IFRS adopting nation enables the project to facilitate Australia's international leadership in global economic policy development.