Accounting in Australia

Overview by

Accounting System

Accounting Standards
Accounting Standards in Australia (AAS Standards pre 2005). Australian accounting standards, which are legally binding under the Corporations Act, are equivalent to International Financial Reporting Standards (IFRSs).
Accounting Regulation Bodies
AASB, The Australian Accounting Standards Boards (AASB) is a government body developing, issuing and maintaining Australian accounting standards and related pronouncements
Accounting Law
In Australia accounting principles are defined by the Corporations Laws : Corporation Act 2001 and Corporation regulations 2001. Companies must refer to the principles published by the Australian Standards Board (A.A.S.B).
Difference Between National and International Standards (IAS/IFRS)
Australian accounting standards correspond almost fully to international accounting standards I.A.S.B.
Since 1 January 2005, all Australian entities must draw up their financial reports to IAS/IFRS standards.
Accounting News
Chartered Accountants website

Accounting Practices

Tax Year
The tax year begins on 1 July and ends on 30 June. If necessary, after lodging a special authorisation to the ATO, calendar year can be used as tax-year.
Accounting Reports
Certification of accounts concerns the following accounting reports: the Statement of Financial Performance & Position or Balance sheet, i.e. the the company's statement of accounts, and the Profit and Loss Statement of the financial year certified.
Publication Requirements
Reporting is carried out yearly.

Accountancy Profession

As it is the case in most OECD countries, the accountant is in charge of the company's legal obligations at the accounting level. The Chartered Accountant certifies company accounts.
The Auditor certifies the accounts carried out by the Chartered Accountant.
Professional Accountancy Bodies
CPA, Certified Public Accountant professional association
ICAA, The Institute of Chartered Accountants in Australia - ICAA (the Institute) is the professional body representing Chartered Accountants in Australia.
NIA, National Institute of Accountants.
ASIC, Australian Securities and Investment Commission
FRC, Australian Government Financial Reporting Council
Member of the International Federation of Accountants (IFAC)
Member of Other Federation of Accountants
Member of the Confederation of Asian and Pacific Accountants (CAPA) represents national accountancy organisation in the Asia-Pacific region.
Audit Bodies
The companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization.
You can contact the Australian Auditing and Assurance Standards Board or an external auditor: PWC, Deloitte (en anglais), KPMG.

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