Australian accounting standards are identical to their international

Australian accounting standards are identical to

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Australian accounting standards are identical to their international equivalents, with one exception : AASBs contain additional paragraphs relevant to public sector and not-for-profit entities and paragraphs related to RDR. Research School of Accounting
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34 7. Australian accounting standards As a result of adopting international standards there are three sources of AASB standards : AASB 1-99 : equivalent to IFRS standards issued by the IASB have same number as equivalent IASB standard AASB 101-199 : equivalent to IAS standards issued by the IASC prior to 2001 (predecessor to the IASB) have same number (+100) as the IAS standards on which they are based AASB 1001-1099 : no international equivalents have same number as the previous AASB standard Research School of Accounting
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35 8. Conceptual Framework Prescribes the nature, function and limits of financial reporting. Its purpose is to provide a coherent set of principles : assist the Australian Accounting Standards Board (Board) to develop Australian Accounting Standards (Standards) that are based on consistent concepts; assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy; and assist all parties to understand and interpret the Standards . The Framework must be adhered to by preparers of general purpose financial reports (GPFRs). Research School of Accounting
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8. Conceptual Framework Prior to 2020, the conceptual framework included the framework issued by the IASB and Statement of Accounting Concept SAC 1. Effective 1 Jan 2020, the AASB has adopted a new framework Conceptual Framework for Financial Reporting which replaced both the old framework and SAC 1. While the old framework will still apply for some entities during a transition period, in this course we will focus on the newly revised framework. 36
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