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Australia Financial Reporting Essay

2868 Words12 Pages

There are four main boards involved in the regulatory influences on external reporting for public companies in Australia 1. The Australian Securities and Investments Commission (ASIC) and The International Accounting Standards Board (IASB) 2. The Australia Accounting Standards Board 3. Financial Reporting Council (FRC) and 4. The Australian Securities Exchange (ASE) In 2000, a number of important changes were made in the way the accounting regulations and requirements (such as accounting standards) are developed in Australia. One implication of the changes was that the role of the Australian Accounting Research Foundation (AARF) (a body that has already been dissolved but which was jointly funded by the Institute of …show more content…

The ASC was established in 1989 by the 1989 Act, the Securities Commission of Australia (Cwlth) and it replaced the National Companies and Securities Commission (NCSC).The name was changed to ASC ASIC in July 1998 to reflect the increased responsibility assigned to the ASC regarding the supervision and regulation of various investment products, including retirement, approved deposit accounts and savings accounts for retirement. ASIC's website (www.asic.gov.au) provides an overview its role. The information provided on the website of the role of ASIC is reproduced in overleaf. As indicated in ASIC is solely responsible for the administration of legislation corporations in …show more content…

We will consider the list of IAS accounting standards later in this chapter. It is worth re-emphasize here that the Most of the IAS underwent changes in 2003 or 2004 as Australia moved towards the adoption of accounting standards published by the IASB in 2005. We will focus on the IAS, which are mostly the same as the regulations issued by the IASB throughout the rest of this book. The NIC informs the Financial Reporting Council (FRC). The FRC assumed a supervisory role with respect to NIC, and appoints twelve part-time members NIC. The part-time members of the NIC from a variety of funds, including the private sector, government, academia, Big 4 accounting firms and independent consultants. Section 236B of the ASIC Act requires that a person can not be appointed to the NIC unless your "knowledge of, or experience in, business, accounting, law or government qualifies for appointment. "The president full time IAS is appointed by the federal treasurer (for now should increasingly clear how much government control is try to exert on the establishment of accounting standards). The attachment structure of accounting standards Australia can be summarized schematically as in Figure

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