This report provides a brief account of the accounting standard, corporate regulation and the owners equity from the world perspective. It also sheds light on the role of AASB and its helpfulness in setting the international standard setting process which is called the IFRS. The report also highlights the importance of regulation and financial reporting in ensuring transparency and accuracy in financial statements. The role of AASB in the international standard setting process is discussed, along with the reasons why IFRS is not compulsory for member countries of IASB. The report concludes with a brief summary of the key findings.