Role of Financial Reporting Council, Australian Accounting Standards Board, IFRS Interpretations Committee, ASIC, and ASX

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ACCOUNTING

Contents
Role of Financial Reporting Council................................................................................3
Role of Australian Accounting Standards Board (AASB).......................................................3
Role of IFRS Interpretations Committee............................................................................3
Role of Australian Securities and Investments Commission (ASIC)..........................................4
Role of Australian Stock Exchange (ASX).........................................................................5
References................................................................................................................ 6

Role of Financial Reporting Council
It is a statutory body which is accountable for availing a broader insight of the procedure in
order to establish the accounting standards in the country. The main role of FRC is to handle
the allover governance as approved by all the codes as issued by the Financial Reporting
Council. FRC is liable to oversee the effectiveness of the framework according to financial
reporting. This statutory body checks the progress of international accounting standards
which works in order to promote the progress of single set of accounting (Wingard, Bosman,
and Amisi, 2016). It operates under the act named “Australian securities and commission Act,
2001”. Some of the important objectives of FRC is to allow the users and measure decisions
regarding the allocation of scare resources. As per this standard, it should release accounting
standards in order to maintain shareholder`s investors inclusive of capital market (Salim,
Arjomandi, and Seufert, 2016).
Role of Australian Accounting Standards Board (AASB)
AASB is the agency, which is liable for issuing, creating, and continuing certain accounting
standards, which relate under the Australian law for the company. The mission of the AASB
is to develop and keep high-quality financial reporting for every sector in the Australian
economy. It delivers as a distinctive contribution in order to progress the high financial
quality reporting. The vision is to contribute with the help of leadership and capacity for the
development of global reporting as facilitated by the inclusion of Australian economy (Salim,
Arjomandi, and Seufert, 2016).
Role of IFRS Interpretations Committee
IFRS has a set of accounting standards, which has been developed by non-profit companies,
and independent is well-known as IASB (international Accounting Standards Board). The
main aim of the IFRS is to set understandable, high quality and the enforceable standards of