Differences and Similarities between AASB 6 and AASB Framework

Running head: ADVANCE FINANCIAL ACCOUNTING
ADVANCE FINANCIAL ACCOUNTING
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ADVANCE FINANCIAL ACCOUNTING1
Table of Contents
Introduction................................................................................................................................2
Discussion..................................................................................................................................2
Differences between the AASB Framework and AASB 6....................................................2
Similarity between the AASB 6 and AASB Framework.......................................................3
Conclusion..................................................................................................................................4
References..................................................................................................................................5

ADVANCE FINANCIAL ACCOUNTING2
Introduction
The report named “Advance financial accounting” is prepared to analyse the
differences and the similarity between the AASB 6 and AASB Framework. This report
analyse the AASB 6 and the AASB Framework and then show the differences and the
similarity between the both of them (Handley, Wright, & Evans, 2018). The AASB is stand
for the Australian Accounting Standards Boards, this is the board of Australia, which regulate
and control the accounting system in the Australia. The all company that operates in Australia
need to full fill the requirement of this standard. This standard works in the public interest
and try to safeguard the stakeholders from the fraud by the company by passing the different
regulations and standards.
Discussion
Differences between the AASB Framework and AASB 6
The AASB Framework is set for the presentation and preparation of financial
information statements. While, the AASB 6 is for the mineral resources. While, The
Australian Accounting Standards Board developed Accounting Standard named AASB 6 for
Evaluation of Mineral Resources under section 334 of the Corporations Act 2001 (Zhou, Birt
& Rankin, 2015). The AASB Framework is applicable to the annual reporting period starts
from or after 1st of July, 2014. This considers the account amendments up to and including 4th
of June, 2014. This was prepared on 15 March 2016 by the staff of the Australian Accounting
Standards Board (AASB). While the application date of the AASB6 for a firm should be
applied this Standard from the annual periods beginning from or after the 1st of January, 2016
(Russell, 2017). The Earliest application is considers as per the periods beginning from or
after 1st of January, 2014 but not prior to the 1st January, 2016. If any firm implement the