The Australian Accounting Standards Board (AASB) is an Australian Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Australian economy. Also, the AASB contributes to the development of global financial reporting standards and facilitates the participation of the Australian community in global standard setting. The AASB’s functions and powers are set out in the Australian Securities and Investments Commission Act 2001.
The Australian Securities and Investments Commission’s (ASIC’s) role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors. The AASB uses a conceptual framework to develop and evaluate accounting standards.
Read more about Australian Accounting Standards Board: Reporting Standards, Standard Application, Adopted Standards
Famous quotes containing the words australian, accounting, standards and/or board:
“The Australian mind, I can state with authority, is easily boggled.”
—Charles Osborne (b. 1927)
“I, who am king of the matter I treat, and who owe an accounting for it to no one, do not for all that believe myself in all I write. I often hazard sallies of my mind which I mistrust.”
—Michel de Montaigne (1533–1592)
“To arrive at a just estimate of a renowned man’s character one must judge it by the standards of his time, not ours.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“Don’t tell me what delusion he entertains regarding God, or what mountebank he follows in politics, or what he springs from, or what he submits to from his wife. Simply tell me how he makes his living. It is the safest and surest of all known tests. A man who gets his board and lodging on this ball in an ignominious way is inevitably an ignominious man.”
—H.L. (Henry Lewis)