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The International Accounting Standards Board's extractive industry international accounting standard was finalised this month. It prevented mining companies from having to write off significant assets, said the Institute of Chartered Accountants in Australia.
Institute spokesperson Keith Reilly said the standard would save Australia's $55 billion mining industry from "financial jeopardy".
"If the IASB had failed to introduce an appropriate standard, the balance sheets of many Australian mining companies could have been seriously impacted and may have ultimately lost their liquidity," Reilly said.
The accounting standard will come into effect on January 1, 2005.
