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AASB ACCOUNTING STANDARDS
AASB issues accounting standards which calls for compliance from governments, firms in public or private, for profit or not for profit sectors which prepare financial statements for general purpose or are reporting entities, and the all the other entities that are obligated to prepare financial reports by the Corporations Act 2001 (Brown, 2010). According to AASB 1031, the AASB standards should be applied by the governments when preparing financial reports for the GGS (general government sector), and the whole government, and other public and private entities in Australia (AASB, 2015).
AASB 1053 recognizes that the Corporations Act 2001 removes the obligation to make external reporting by the small proprietary companies (AASB, 2015). However, Sections 292(2), 293 and 294 of the act requires the small proprietary companies to lodge and prepare financial reports under particular situations such as when ASIC directs the companies to prepare the financial reports in when they are controlled by the foreign companies. Therefore, if any accounting standards were required to be complied with by the small propriety company, the standards would be in contravention of the Corporation Act and thus null.
Before the AASB 1053, the entities that were not incorporated through the Corporation Act, (that included public companies and many NFP entities) were obliged to apply, where applicable, measurement, the recognition, disclosure, and presentation requirements of the Australian and other Accounting standards if they were holding out or reporting financial reports to be the general purpose financial statements (AASB, 2015). When developing the standards for the public companies AASB puts into consideration the requirement of the IPSASs, as issued by IPSASB and thus if the accounting standards are required to be complied with by the public companies, the AASB would consider the requirement.
The reduced disclosure regime (RDR) refers to the AASB initiative that aims at allowing the………………………