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1、Chapter1:AccountingregulationandtheConceptualFrameworkSolutionsManualtoaccompanyUnderstandingAustralianAccountingStandardsJaniceLoftus,KenLeo,RuthPicker,VictoriaWise,KerryClarkByJaniceLoftusJohnWiley&SonsAustralia,Ltd20131.23©JohnWileyandSonsAustralia,Ltd2
2、013Chapter1:AccountingregulationandtheConceptualFrameworkChapter1–AccountingregulationandtheConceptualFrameworkComprehensionquestions1.WhataretheykeysourcesofregulationinAustraliaforalistedcompany?ThekeysourcesofregulationforalistedcompanyinAustraliaare:Th
3、eCorporationsAct,whichisadministeredbytheAustralianSecuritiesandInvestmentsCommissionAustralianAccountingStandardsandtheConceptualFramework,issuedbytheAustralianAccountingStandardsBoardAustralianSecuritiesExchangeListingRules.2.Describethestandard-settingp
4、rocessoftheAASB.TechnicalissuesmaybeidentifiedsourceswithinAustralia,suchasmembersorstaffoftheAustralianAccountingStandardsBoardorotherstakeholders,orbyinternationalsources,suchastheInternationalAccountingStandardsBoard.IfanitemisaddedtotheBoard’sagenda,it
5、mayresearchtheissue,considersolutions,andconsultwithstakeholders.ThentheAASBmayproceedwiththeissueofexposuredrafts,invitationstocomment,draftinterpretationsanddiscussionpapers.Forstandardsintendedforprofit-seekingentities,theexposuredraftsissuedbytheAASBty
6、picallyincorporateexposuredraftsissuedbytheIASB,alongwithAustralian-specificmattersforcommentasapplicable.Theconsultationprocessmayinvolvefocusgroupsandroundtablediscussionswithstakeholdersandresponsestoexposuredrafts.TheAASBmayalsodrawonprojectadvisorypan
7、elsandinterpretationadvisorypanels.3.DistinguishbetweentherolesoftheFRCandtheAASB.BoththeFRCandtheAASBareinvolvedinstandardsetting.TheAASBisresponsiblefordevelopingaconceptualframeworkandissuingaccountingstandards.AnotherfunctionoftheAASBistoparticipateina
8、ndcontributetothedevelopmentofaglobalsetofaccountingstandards.TheFRC’sroleinstandardsettingisessentiallyabroadoversightfunction;itoverseestheprocessesforsettingaccountingstandards.TheFRC’soversightfunctionals
