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The Australian-Professional And Ethical-Standards Board (AASB)

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The accounting standards issued by the AASB are enforced by three groups in Australia. They are the Australian Securities and Investments Commission (ASIC), the accounting bodies and government. Australia Securities and Investments Commission(ASIC) ASIC has the character to tell and educate organization why they should follow as well as what they should adapt because this is the proactive approach to reduce the need for even more reinforcement for compliance. The Corporations Act 2001 assisted that accounting standards are issued by the AASB. For instance, if ASIC notes that the organization did not hand over the financial reports or give wrong information then ASIC will deliver a letter to require for reports and give the true information. This law is used only for those entities requested to report …show more content…

The board of an organization is required to implement with AASB accounting standards in make ready of financial reports under the section 296, Corporations Act 2001. There is an-offence if failure to implement under Corporations Act which will cause prosecution-by ASIC (Henderson et al. 2014). Accounting Bodies The job occupation’s attitude with regards to accounting standards has altered from regarding them barely as suggestions throughout the 1960s to creating them compulsory in the 1990s (Myddelton 2012). The Australian-Professional and Ethical-Standards Board (APESB) as an initiative of CPA Australia as well as the ICAA mainly to exploit and issue suitable professional and ethical standards for the membership. This professional standards and ethical standards, APES 205 which is conformity with accounting standards requests members to implement with accounting standards. Firstly, person who

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