The AASB (Australian Accounting Standards Board) is a governmental agency of Australia that designs, plan and implement the overall financial and accounting reporting standards. Standards developed by the AASB are applicable to the all business entities (private or public) that are performing their operation within the territory of Australia. Australian Accounting Standards Board also plays a significant role in the development of a global accounting and reporting standards (CCH, 2009, Pp. 60-200). In addition, it also represents the Australian accounting community in global arena. ASIC (Australian Securities & Commission Act) 2001 ...
