Belgium belgian financial reporting and financial

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Unformatted text preview: nt; • The development of accounting standards not only for companies but for other (reporting) entities as well resulting in there being two sets of accounting standards – one enforced under Corporations Law (AASB – Australian Accounting Standards Board) and one by the profession (AAS); • Two standard-setting boards, AASB and the Public Sector Accounting Standards Board (PASASB), both being provided with technical support by the Australian Accounting Research Foundation (AARF), and • The involvement of the Australian Stock Exchange (ASX) and the Australian Securities Commission (ASC) in the process. Belgium Belgian financial reporting and financial accounting practices provide another example of the continental European model. Influences from French accounting (e.g. the obligation to use a standard chart of accounts, defined in the law) and German accounting (e.g. the dominance of conservatism; a very detailed accounting law and a close relationship between financial reporting and taxation) are to be found in Belgium. Legal and institutional bases of accounting regulation are: - The accounting law of 1975, and the related...
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