Australian School of Business Australian Accounting Standards Board AASB The

Australian school of business australian accounting

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Australian School of Business Australian Accounting Standards Board (AASB) The AASB is responsible for: development of a conceptual framework formulating accounting standards for the purpose of the Corporations Act formulating accounting standards for other purposes (eg public and not-for-profit sectors) participating in the development of a single set of accounting standards for worldwide use promoting the main objectives of developing accounting standards 14
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Australian School of Business AASB Accounting Standards Objectives of developing accounting standards are: allows users to make decisions about the allocation of scarce resources helps directors discharge their financial reporting obligations is relevant to assessing performance, financial position, financing and investment is relevant and reliable, facilitates comparability and is readily understandable 15
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Australian School of Business Current standard-setting arrangements - AASB Accounting Standards AASB 1-99 equivalent to IFRS standards issued by the IASB have same number as equivalent IASB standard e.g. IFRS 2 > AASB 2 Share-Based Payment AASB101-199 equivalent to IAS standards issued by the IASC (predecessor to the IASB) have same number (+100) as the IAS standards on which they are based e.g. IAS 16 > AASB 116 Property, Plant & Equipment 17
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Australian School of Business AASB Accounting Standards AASB1001-1099 Australian standards with no international equivalents Have same number as in previous AASB standard e.g. AASB 1031 Materiality 18
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Australian School of Business International Accounting Standards Board, IASB Board (IASB) Independent, privately funded accounting standard setter Overseen by the IFRS Foundation Established in 2001, replacing the International Accounting Standards Committee (IASC) Committed to the development of a single set of high quality, enforceable global accounting standards 19
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Australian School of Business Financial Accounting Standards Board (FASB) US Accounting Standards body Currently involved in a joint project with the IASB working towards a single set of compatible global accounting standards Project commenced in 2002 and the commitment reaffirmed in 2010 Long term project as there are many differences between US and international accounting standards 20
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Australian School of Business IFRS Interpretations Committee Sub-committee of the IASB Considers issues of widespread importance not covered in IFRS standards IFRS Interpretations are adapted by the AASB to suit the Australian environment 21
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Australian School of Business Corporate regulators Australian Securities and Investments Commission (ASIC) Established in 1989 by Australian Government Enforce and Administers Corporations Act Monitors implementation of the Act and investigates and prosecutes for breaches of the Act Promotes confidence with the financial system Australian Securities Exchange (ASX) Administers Listing Rules Played a major role in influencing the move towards the AASBs adoption of IASB standards
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