Substantiating the extent of congruence between Australian and UK financial accounting systems between 1971 and 1985: A comparative international accounting history

This article compares Australian and UK approaches to regulating financial reporting from 1971 to 1985. Primary sources include accounting standards from both nations, alongside reports and commentaries from the bodies responsible for regulating financial accounting. This article finds that despite shared history and similar external pressures, the accounting professions in Australia and the UK diverged in their approaches to financial accounting regulation, with this divergence being manifested in both the content and enforcement of accounting standards. This divergence was found to have commenced from the release of the first accounting standards in the early 1970s. This study adds detail to the common categorisation of Australian and UK financial reporting found within the comparative international accounting literature and has relevance to contemporary practice, as many of the factors associated with these differences still exist today.