The Australian Accountants Standard Board (AASB)

Financial accounting is the process of reporting a variety of information from a specific entity with hope to aid internal and external parties about the financial position of the entity (Hoggett et al., 2006). The guidelines of these reports are heavily regulated by an array of corporations to provide a true and honest image of the entities financial position. There are a select group of main bodies that construct the framework for the Regulations of Financial Reporting with in Australia. To regulate financial reporting the Corporations Act was formed so that all accountants may conform to the standard. This act was created by the Commonwealth of Australia and focuses not only on companies but also investments and partnerships. This Act is

The second body that regulates the frame work is the Australian Accountants Standard board. The AASB has been constituted under the ASIC. This Australian Government agency is responsible for developing a conceptual framework with the goal to evaluate the proposed standards. The AASB also produce accounting standards for a diverse collection of other purposes. The AASB has been given power to control the accounting standard thought the legal Corporations Act. For these reasons, it is recognized nationally as the standard setter and centre of excellence. The AASB is the central board where all the individual bodies work together to create valuable and useful regulations. The Australian Accountants standard board is also made up of the conceptual framework and the Australians accounting standards. These two-overall give conceptual and integrity to the standards of Australia which is to be enforced. The fourth main body that is primarily involved to create and issue financial reporting standards is the FRC (Financial Reporting Council) like a regular council is another overseer of the

They are limited on how far they are legally able to reach out to the technical deliberations of the AASB and become involved. The Australian Stock Exchange is a facility used constantly on a regular daily basis. It provides a place for public companies to list, sell, and transfer its equities to investors. The ASX requires of the companies that wish to list their company on the website to produce financial statement. These financial statements are general purpose states that are to be comparable between the other companies listed and must be in harmony with the accounting standards that are set by the Australian Accounting Standards Board. Therefore, the ASX does not directly regulate the financial reporting process, but rather indirectly can set requirements for companies with the leverage of the benefit of the ASX on the line. The corporations act is not replaced in this situation but having the set requirements further enhance the Corporations Act. The Auditing and Assurance Standards Board (AUASB) is like the AASB. The AUASB is also operating beneath the Australian Securities and Investments Commission