ACCG101 : ACCG101 – Accounting 1B

• School: Macquarie University
• Department: Accounting and Corporate Governance
• Course: ACCG101
• Professor: All

Document Summary

Financial reporting council (frc: oversee and advisory body to aasb and auasb, determining broad strategic directions, monitors priorities and appoints members, monitors audit independence, monitors development of international accounting standards, assesses relevant and effectiveness of current standards, ensuring aasb standards are in harmony with international standards. Asic and asx: administers corps act 2001, monitors implementation of the act and investigates and prosecutes breaches, promotes confidence in financial system, asx, administers listing rules, played a major role in the aasbs adoption of iasb rules. It is an entity in which it is reasonable to expect the existence of users who depend on general purpose financial report for information to enable them to make and evaluate decisions : must provide reports that are adopted by the aasb, characteristics that determine whether an entity should be classified as a reporting entity, separation of management from economic interest, economic or political influence, financial characteristics.