Regulatory Bodies

Question 1

Financial Reporting Council (FRC)

Answer 1

Oversees process of setting accounting and auditing standards
Appoints members of AASG and AUSB and approves and monitors their priorities, business plans and budgets

Question 2

Australian Securities and investments Commission (ASIC)

Answer 2

Monitors compliance with accounting standards and enforces the corporations law

Question 3

Australian Accounting Standards Board (AASB)

Answer 3

Prepares, approves and issues accounting standards

Question 4

Australian Securities Exchange (ASX)

Answer 4

Issues listing Rules for listed public companies –> disclosure requirement so

Question 5

CPA Australia (CPAANZ)

Answer 5

Professional accounting bodies that influence the accounting standard setting process

Question 6

International Accounting Standards Board (AISB)

Answer 6

Independent accounting standard setting body -> development and publication of IFRSs

Question 7

International Financial Reporting Standards (IFRS)

Answer 7

International accounting standards adopted or in the process of adoption by 122 countries