Australian Accounting Standards (Cth) - Level 1

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The Australian Accounting Standards Board (AASB) is the Australian Government agency (under the Australian Securities and Investments Commission Act 2001) responsible under section 334 of the Corporations Act 2001 for making accounting standards.

Under that Act, other statutory functions of the AASB are:

- to develop a conceptual framework for the purpose of evaluating proposed standards.
- to formulate accounting standards for purposes other than that outlined in the Corporations Act 2001.
- to participate in and contribute to the development of a single set of accounting standards for worldwide use.
- to advance and promote the main objects of Part 12 of the ASIC Act, which include reducing the cost of capital, enabling Australian entities to compete effectively overseas and maintaining investor confidence in the Australian economy.

Relevant Compliance Frameworks

Legislation, Standards and Codes may be linked to one or more of the University's compliance frameworks either as the driver of the requirements, or as a component of the framework.

The relevant frameworks are listed below.

• None