Financial Accounting Semester 1 Assignment 1
Assignment title Research Essay
Referencing style American Psychological
Submission mode Online(OLS)
“While the Corporations Act, which is administered by ASIC, requires companies to comply with accounting standards, ASIC does not actually develop accounting standards. This responsibility is borne by the Australian Accounting Standards Board (AASB)”
Write are search essay critically addressing the following questions:
a) The composition, need and significance of AASB
b) What is International Accounting Standards Board(IASB)and how does it affect financial reporting regulation in Australia?
c) What are the similarities/differences between AASB(Australian Accounting Standard Board)and IASB(International Accounting Standard Board?
d) The process of Australia adopting accounting standards issued by IASB
e) The role of international cultural differences and the harmonization of accounting standards.