Australian accounting standards

Financial reporting and accounting standards

Australian accounting standards are set by the Australian Accounting Standards Board (AASB) and have the force of law for Corporations law entities under s 296 of the Corporations Act 2001. They must also be applied to all other general purpose financial reports of reporting entities in the public and private sectors.

outsourcing accounts payable and receivable

Members of the Institute are required by professional and ethical standard APES 205 Conformity with accounting standards to use the accounting standards whenever they are involved in the preparation, presentation, audit, review or compilation of general purpose financial statements.

This section of the website is dedicated to providing members with the resources they need to understand and apply accounting standards and keep abreast of all the changes.

The Institute’s reporting and assurance team monitors developments in accounting standards here and overseas and provides regular updates for our members in ANT, Charter and Institute news.

This news is republished from site
http://www.charteredaccountants.com.au/Industry-Topics/Reporting/Australian-accounting-standards.aspx