Country Idealist Profiles

Victoria (Aus) – Other Commonwealth bodies

Posted in Australia, Victoria (Australia), Victoria (Australia) - Third sector by blopote on August 13, 2008

Other Commonwealth bodies involved in standard setting relevant to the NFP sector, include the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB). These entities report to the Financial Reporting Council (FRC). The roles and responsibilities of these organisations are summarised here.

Financial Reporting Council

The FRC is responsible for providing broad oversight of the process for setting accounting and auditing standards as well as monitoring the effectiveness of auditor independence requirements in Australia. It comprises key stakeholders from the business community, the professional accounting bodies, governments and regulatory agencies. Members of the FRC are appointed by the Treasurer.

Key functions of the FRC are to advise the Commonwealth Government on the accounting and auditing standard setting process and to determine the broad strategic directions of the AASB and the AUASB.

Australian Accounting Standards Board

The AASB is the national accounting standards setter for the public and private sectors in Australia.

Auditing and Assurance Standards Board

The AUASB is the national auditing and assurance standards setter. It has a role in developing high quality standards and related guidance for auditors and providers of other assurance services.$file/NFP_FInalRpt_smaller.pdf


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