unit 4

• enhancing qualitative characteristics of financial statements?

  understandability, timeliness, verifiability, comparability
• FRC

  budgetary oversight of AASB
• ASIC

  enforce and regulate Australian company and financial services laws
• AASB

  Develop accounting standards to be used by all Australian reporting entities

  • participate in development of single set of accounting standards for international use
• A company's written constitution overrides WHAT?

  replaceable rules
• The purpose of aus accounting stds?

  Provide protection for external users of financial reports

  Promote investor confidence in Aus capital markets

  Assist company directors in discharging their obligations
• ROle of external auditor?

  Independently audit financial reports on behalf of shareholders
• Important role of ASIC

  Maintain, facilitate and improve performance of financial system in Austrlia
• ASX ?

  operate aus leading financial market exchange
• who develops, issues and maintains aus acocunting standards

  aasb
• who oversees the effectiveness of the financial reporting framework?

  FRC
• who does australian accounting standards apply to?

  public companies and other reporting entities
• conceptual framework for financial reporting ....

  defines essential principles and content of GPFR
• how does the ASX regulate and influence GPFR of companies?

  setting listing rules that must be followed by all companies trading shares