Questioning convergence

The Australian accounting industry’s move towards convergence with international standards may not be good news for the country’s securitisation markets. Alice Hales reports.

In the years leading up to the new millennium, companies were in various states of flux over a programming glitch on computer systems that could have catastrophic effects on their operations. The glitch was commonly referred to as the Y2K bug, as it was feared that on January 1 2000, all computers would malfunction, lose all data on file and generally cause chaos all-round.

As it happens, the worst-case scenario never materialised because computer boffins managed to correct the