Letter to the Editor – Australian Accounting Standards
...es and standards. Depending on how they operate and run a business, different rules can only apply to certain countries. Australia has a comprehensive set of accounting standards, which facilitate the preparation of quality financial reports for use by Australia’s capital markets. Unlike many developed countries, our accounting standards have legal backing, with companies and other entities that are required to prepare financial reports under corporate laws having to comply with applicable accounting standards. The articles highlight the need for global accounting standards to deal with the financial reporting of global business enterprises. Australia’s harmonization with international accounting standards is tangible evidence of Australia’s recognition that business is becoming more global and of the importance of nation states having effective corporate regulation. The Australian Accounting Standards Bo...