Contemporary Challenges for the Accounting Profession: An Australian Perspective Mohammad Azim  Farooque Hossain  Samina Rahman  First version received November 2009; final version accepted May 2010 Abstract Accounting as a profession is facing many challenges that increased following the collapse of large Australian corporate houses like One.Tel, HIH Insurance, ABC Learning Centres, Allco Finance Group and Bill Express. Investors, regulators and other user groups are concerned about these crisis situations and demand that different regulatory thresholds be implemented to avoid the repetition of these scenarios. As a part of these suggested changes in Australia a number of regulatory and professional codes and guidelines were implemented, the most prominent being: Code of Ethics for Professional Accountants, which was introduced in 2006 and revised in 2008 by the Accounting Professional and Ethical Standards Board (APESB); Australian Stock Exchange Corporate Governance Principles (ASXGC), introduced in 2003 and revised in 2007; and requirements for companies to follow Global Reporting initiative (GRI). This paper discusses all these recent changes and attempts to provide some useful thoughts that will assist the Australia accounting profession in the future. Key Words: Code of Ethics for Professional Accountants, Australian Stock Exchange, Corporate Governance Principles, Global Reporting Initiative  Swinburne University of Technology, Australia  American International University-Bangladesh  Australian National University, Australia AIUB Journal of Business and Economics Volume 9, Number 2 ISSN 1683-8742 August 2010 pp. 01-17