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• 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.
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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