Sources of Accounting Regulation

Question 1

What is accounting regulation formed by?

Answer 1

Legislation - Corporations Act 2001, ASIC
Accounting Standards - Financial Reporting Council (FRC), Australian Accounting Standards Board (AASB)
International Accounting Standards Board (IASB)

Question 2

What is the conceptual framework

Answer 2

Conceptual framework sets out the concepts that underlie the preparation and presentation of financial statements for external users. Is also provides information about the formulation of the Australian Accounting Standards. In addition to this the framework assists the AASB in the development of future standards.

Question 3

What is integrated reporting

Answer 3

An integrated report is a concise communication about how an organizations strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value in the short, medium and long term.

Question 4

What must entities report against in the GRI

Answer 4

Direct Economic Impacts
Environmental Impacts
Labor Practices and Decent Work
Society 
Product Responsibility