This reading provides a brief overview of the current regulatory arrangements in Australia for the development of accounting standards. Such standards are variously influenced by many interested parties, including the government, professional accounting bodies, representatives of those who prepare financial statements for publication (such as the Institute of Directors, the Group of 100) and international accounting standard setting bodies.

Task

Read Chapter 10 Regulation and the Conceptual Framework - Section 10.1 in your textbook.

Learning Outcome

After reading this chapter, you should be able to:

• describe the development of accounting regulation in Australia resulting in the issue of accounting standards

Due

Early in Week 1 after reading chapter 3 and prior to the practice questions towards the end of the week.

Suggested Procedure

1. Read the chapter.
2. After reading, check your understanding by seeing if you can answer the following:
   • What do AASB and IASB stand for?
   • In basic terms, how do the Accounting Standards regulate the industry?
   • What are the roles of ASIC and the ASX in relation to accounting practice?
3. If you can’t, skim the relevant sections of the chapter to obtain the answers.