This report provides a comprehensive overview of the key roles played by various financial reporting bodies in Australia. It details the functions of the Financial Reporting Council (FRC), emphasizing its role in overseeing the establishment of accounting standards and promoting international accounting standards. The report then explores the Australian Accounting Standards Board (AASB), highlighting its responsibility for issuing and maintaining accounting standards under Australian law. It also examines the IFRS Interpretations Committee and its role in setting global accounting standards, ensuring comparable financial information for shareholders. Additionally, the report outlines the functions of the Australian Securities and Investments Commission (ASIC) in regulating corporations and protecting investors, creditors, and consumers. Finally, it discusses the role of the Australian Stock Exchange (ASX) as a market operator and facilitator, providing services related to capital markets and corporate governance. The report includes references to academic sources to support its analysis.
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