What is the relationship between the AASB, the Australian Government and the international standard-setting bodies?
The AASB is an Australian Government agency, reporting to the Minister for Superannuation and Corporate Law. The AASB’s principal funding is via parliamentary appropriation under the Australian Treasury portfolio. Significant funding is also received from the States and Territories, the professional accounting bodies and the Australian Stock Exchange. The International Accounting Standards Board (IASB) is part of the International Accounting Standards Committee Foundation (IASCF), which is an independent private-sector organisation based in London. The Australian Government provides a significant annual monetary contribution to the activities of the IASCF. The IASB is committed to developing, in the public interest, a single set of high quality, global accounting standards that require transparent and comparable information in general purpose financial statements. In pursuit of this objective, the IASB co-operates with national accounting standard-setters (like the AASB) to achieve con
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