Access over 20 million homework & study documents

Accounting

Content type
User Generated
Subject
Accounting
Type
Homework
Rating
Showing Page:
1/7
Running head: ISSUES IN FINANCIAL ACCOUNTING
Issues in Financial Accounting
Name
Institutional affiliations

Sign up to view the full document!

lock_open Sign Up
Showing Page:
2/7
ISSUES IN FINANCIAL ACCOUNTING 2
Question no 1: explain institutional arrangements of accounting practice in Australia
corporation act 2001 Australian securities investments commission?
Australia Corporation Act 2001 provides the basic guidelines to corporations and other financial
products and services in Australia.
The Australian Securities Investment Commission (ASIC) is an independent body by the
Australian government, and it acts as the corporate regulator for Australia. It enforces and regulates
company as well as financial services laws with the aim of protecting the consumers, creditors,
and investors in Australia. It provides a regulatory guide that aims at ensuring transparency
(Schultz, Tian & Twite, 2013).
Australian securities exchange, financial reporting council
Australian Securities Exchange is the primary securities exchange of Australia that was formed by
the amalgamation of six state security exchanges. It acts as the market operator, payments
facilitator, and a clearinghouse; it also oversees that various bodies comply with the operating rules
as it promotes the standards of corporate governance among the listed companies in Australia
(Schultz, Tian & Twite, 2013). Above all, it also provides educational facilities to the investors in
the retail industry.
Financial Reporting Council (FRC) is a legislative body that is responsible for giving a wider
oversight of the processes that are aimed at setting accounting standards in Australia; it also gives
the minister certain reports as well as provide some advice on various processes (Securities, 2013).
FRC is mandated to oversee that there is effectiveness in regards to the financial reporting context
in Australia. It provides the oversight roles to the accounting and auditing standards while at the

Sign up to view the full document!

lock_open Sign Up
Showing Page:
3/7

Sign up to view the full document!

lock_open Sign Up
End of Preview - Want to read all 7 pages?
Access Now
Unformatted Attachment Preview
Running head: ISSUES IN FINANCIAL ACCOUNTING Issues in Financial Accounting Name Institutional affiliations ISSUES IN FINANCIAL ACCOUNTING 2 Question no 1: explain institutional arrangements of accounting practice in Australia corporation act 2001 Australian securities investments commission? Australia Corporation Act 2001 provides the basic guidelines to corporations and other financial products and services in Australia. The Australian Securities Investment Commission (ASIC) is an independent body by the Australian government, and it acts as the corporate regulator for Australia. It enforces and regulates company as well as financial services laws with the aim of protecting the consumers, creditors, and investors in Australia. It provides a regulatory guide that aims at ensuring transparency (Schultz, Tian & Twite, 2013). • Australian securities exchange, financial reporting council Australian Securities Exchange is the primary securities exchange of Australia that was formed by the amalgamation of six state security exchanges. It acts as the market operator, payments facilitator, and a clearinghouse; it also oversees that various bodies comply with the operating rules as it promotes the standards of corporate governance among the listed companies in Australia (Schultz, Tian & Twite, 2013). Above all, it also provides educational facilities to the investors in the retail industry. Financial Reporting Council (FRC) is a legislative body that is responsible for giving ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Just what I was looking for! Super helpful.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4