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About the AASB

The AASB is an Australian Government agency under the Australian Securities and Investments Commission Act 2001. Under that Act, the statutory functions of the AASB are:

  • to develop a conceptual framework for the purpose of evaluating proposed standards;
  • to make accounting standards under section 334 of the Corporations Act 2001;
  • to formulate accounting standards for other purposes;
  • to participate in and contribute to the development of a single set of accounting standards for worldwide use;
  • and 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.

AASB Vision

  • Contribute to stakeholder confidence in the Australian economy, including its capital markets, and in external reporting.

AASB Mission

  • Develop, issue and maintain principles-based Australian accounting and external reporting standards and guidance that meet user needs and enhance external reporting consistency and quality.
  • Contribute to the development of a single set of accounting and external reporting standards for world-wide use.