most members of the superannuation industryĪdditional reporting requirements for these entities.general insurance and reinsurance companies.Prudential regulator of the Australian financial services industry: Australian Prudential Regulation Authority (APRA) undertakes public consultation on draft standards.Ĥ.drafts new standards when commissioned by IASB.‘Australianises’ the International Accounting Standards Board’s (IASB’s).Transforms International Accounting Standards (IAS) and Internationalįinancial Reporting Standards (IFRS) into Australian standards.The AASB is an Australian Government agency under the Australian SecuritiesĪnd Investments Commission Act 2001. Australian Accounting Standards Board (AASB) AASB must follow its broad strategic plan.Ģ.Making, of a particular standard, or to veto a standard formulated or does not have power to direct the AASB in relation to the development, or.advises government on standard setting. members appointed by Federal Govt or nominated by approved The Financial Reporting Council (FRC) is responsible for overseeing theĮffectiveness of the financial reporting framework in Australia. ASX Listing Rules Companies listing on the ASX need to comply with the ASX Listing Rules The Listing Rules include requirements for continuous disclosure and periodic reporting Primary focus on disclosure 1. Assists users to interpret statements More on the Conceptual Framework in week 2.Assists auditors in forming an opinion on compliance.Assists preparers deal with issues not addressed by a standard.The Conceptual Framework Issued by the AASB The purpose is to provide a coherent set of principles:
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The Reporting Entity (cont’d)įinancial Reporting Manual, p. Or assets, or number of employees or customers) or indebtedness of an entity. Financial characteristics - that should be considered include the size (for example, value of sales The greater the economic or political importance of an entity, the more likely it is that there will exist users dependent on general purpose financial reports asĪ basis for making and evaluating resource allocation decisions. Significant impact on the welfare of external parties. Economic or political importance/influence -to the ability of an entity to make a Separation of management from economic interest making and evaluating resource allocation decisions. Indicators of users’existence–as they are dependent on general purpose financial reports for In Australia, the Statement of Accounting Concepts (SAC) 1 defines ‘reporting entities’.Įntity in which it is reasonable to expect existence of users who depend on” all non-proprietary companies are public companies. does not offer securities for which disclosure to investors is required have no more than 50 non-employee shareholders. unlimited company with share capital –where the members' or shareholders' limited by shares - where shareholders are afforded more protection when itĬomes to the level of liability they face for company debts Registered schemes –managed investment scheme that is registered Public companies –any company other than a proprietary company Large proprietary companies –more details on the next few slides
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Listed on a securities exchange are disclosing entities. Disclosing entities- With few exceptions, entities whose securities are The Corporations Act requires the preparation of financial reports for all: Australian companies must comply with the requirements of the Corporations The major sources of financial reporting regulation in Australia are: Key sources of regulation of financial reporting in Australia understand the benefits of harmonisation of accounting standards. analyse standard setting as a political process and 9. apply the concept of regulation to the production of accounting information 8. evaluate the distinction between rules-based and principles- based standards 7. explain and define an accounting standard 6. explain the structure, role and processes of the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee (IFRIC) 5. Learning objectives (cont’d) After studying this topic you should be able to 4. Consider these slides as a summary and guideline for the lectures where we will have more examples and discussions around the topics (and later for your revision). It is expected and required that you know the contents of the readings BEFORE the lecture. Australia IFRS Profile Please note: The lectures will not strictly follow these slides. 1-20 + 35- 55 Additional Resources (available on iLearn):
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ACCG224 – Sess– Week 1 INTRODUCTION TO THE REGULATORY ENVIRONMENT Readings (BEFORE the lecture!) ACCG224 Textbook: