Accounting standards

In Australia, accounting standards are determined under the Corporate Law Economic Reform Program, which came into effect on 1 January, 2000.  The Financial Reporting Council (FRC) is responsible for the oversight of the accounting standard setting process for both the private,  public and non-profit  sectors, and also participates in the formulation of international accounting standards.  The FRC includes representatives from the business community, the Australian Society of Certified Practising Accountants (ASCPA) and the Institute of Chartered Accountants in Australia (ICAA). The FRC appoints members of the new Australian Accounting Standards Board (AASB), with the Treasurer appointing the AASB Chairperson.  The newly constituted AASB will replace both the current AASB and the AARF (Australian Accounting Research Foundation) Public Sector Accounting Standards Board.

Australian standards are harmonised with those of the International Accounting Standards Committee (IASC), in response to the development of the global economy.  The informal G4+1 group (UK, US, Canada, Australia, New Zealand, IASC) monitors the setting of the standards.

• Print Resources
• Web Sites

Print Resources

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Web Sites

Further information can be obtained from these relevant Web sites:

• Australian Accounting Standards Board
• Australian Society of Certified Practicing Accountants
• Institute of Chartered Accountants in Australia
• International Accounting Standards Board

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