Question

write a concluding paragraph about Australia's accounting standard

Answer 1

The Australian accounting standards are equivalent to the IFRS. These were formed by making some amendments in the international financial reporting standards ( such as including some disclosures and removing some of the options). The Australian accounting standards were issued by the Australian Accounting Standards Board(AASB) under the regulations of the Corporations Act, 2001.

The Australian accounting standards are inclusive of the requirements specified for the Australian entities. These standards are restricted to the not-for-profit or public sectors and include additional disclosures for the domestic, regulatory or other issues.

The Australian accounting standards include IFRSs and interpretations issued by the IASB. It also includes the additional paragraphs on the application of each standard in the country's environment.