Part A Accounting Standard Setting, Regulation and Disclosure ACCOUNTING STANDARD SETTING (i) Do your own research...

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Accounting

Part A Accounting Standard Setting, Regulation and DisclosureACCOUNTING STANDARD SETTING (i) Do your own research and criticallyexplain how the Australian Accounting Standards Board take part inthe global accounting standard setting process (i.e. in settingIFRS). Why is the IFRS set by the International AccountingStandards Board (IASB) not compulsory for the member countries ofIASB? REPORTING ENTITY (ii) Do your own research and criticallyexamine the concepts of small proprietary company, largeproprietary company and reporting entity. What are the implicationsof being classified as either one of these three types of companiesin terms of compliance and reporting requirements?

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i The primary role of Australian Accounting Standards Board AAAB is to Take the prime responsibility for identifying and dealing with domestic regulatory barriers to adopting or converging with IFRSs Encourage national and regional regulators to participate in international convergence efforts in their own regulatory fields where this would help to facilitate financial reporting convergence Australian Accounting Standards including Interpretations are issued by the Australian Accounting Standards Board They incorporate IFRSs including Interpretations issued by the IASB with the addition of paragraphs on the applicability of each Standard in the Australian environment requirements specific to Australian entities for example notforprofit private or public sector entities and additional disclosures that address domestic regulatory or other issues Currently Australian Accounting Standards apply to reporting entities and financial statements that are or held out to be general See Answer

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