A Distinguish between the roles of the FRC and the AASB
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A Distinguish between the roles of the FRC and the AASB

Workshop 01 – Accounting Regulatory Environment and Conceptual Frameworks

A Distinguish between the roles of the FRC and the AASB.

B Describe the role of ASIC and the ASX with regard to the regulation of external financial reports.

C Define general purpose financial statements as per accounting standard AASB 101 Preparation and Presentation of Financial Statements.

D What is the objective of having a conceptual framework?

E What is more important relevance or representation faithfulness?

Hint
Accounts and Finance Both the Financial Reporting Council (FRC) and the Australian Accounting Standards Board (AASB) are used in standard settings in accounting. AASB is used to issue accounting standards and to develop a conceptual framework. It also participates in developing a global set of accounting standards. FC is responsible for overseeing the processes used in setting accounting stan...
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