Introduction
The Australian Accounting Standards Board (AASB) creates standards regarding Accounting in Australia. These include Interpretations that are applied by entities that prepare financial statements mandated by Corporations Act 2001; by the governments when planning financial statements; as well as entities within private or public sectors either for-profit or not-for-profit ventures that are involved as reporting entities or that prepare all-purpose financial statements.
AASB integrate IFRSs1, as well as Interpretations, generated by the IASB2, with paragraph additions on the applicability of every Standard within the Australian setting, when appropriate. These Standards as well comprise obligations that are explicit to ...