What is AASB?
The Australian Accounting Standards Board is a Common Wealth Agency that deals with standard setting in the private and public sectors in Australia. The Australian Accounting Standards Board is responsible for developing and issuing Accounting Standards (AASBs prepared on 16th April 2007) to be applied by:
- Entities required by the Corporations Act 2001 to prepare financial reports;
- All reporting entities engaged in either for-profit, not-for-profit or public sectors; and
- Any other entity that prepares general purpose financial reports.
And it is also responsible for the “care and maintenance” of the body of Standards. The Board's functions and powers are set out in the Australian Securities and Investments Commission Act 2001.
Objective of AASB
The objective of this Standard is to ensure that an entity’s first Australian-equivalents-to-IFRSs financial report contains high quality information that:
- Is transparent for users and comparable over all periods presented;
- Provides a suitable starting point for accounting under Australian equivalents to IFRSs;
- Can be generated at a cost that does not exceed the benefits to users.
All requirements were visualized and can be used throughout the Corporate Modeler toolset and can be easily customized to your organizational environment. Because of our extensibility you are free to add your own Audit question and controls and cross reference them with the modeled requirements, with your own processes or you can use the pre defined ITIL process model and get the cross references out of the box.
As part of our Casewise tool set you will be able to schedule audit questions and controls in order to perform internal checks/audits or just performed simple assessments. Based on this data you will be able to communicate the results via our HTML Portal within different Dashboard or list views. This data can also be maintained (create, delete, update) via the Portal (web front end).