Office of the Australian Accounting Standards Board
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.
Type of Body
A. Non Corporate Commonwealth Entity
GFS Sector Classification
Established By / Under
PGPA Rule (Schedule 1)
Annual Report Prepared and tabled?
GFS Function / Sector Reported
PS Act Body
Yes - Statutory Agency with Dual Staffing Powers
1 January 2000
PO Box 204, Collins Street West, VIC 8007