AASB (Australian Accounting Standards Board)

The Australian Accounting Standards Board (AASB) is the body responsible for developing and maintaining accounting standards in Australia. Its role is to ensure that financial reporting is consistent, transparent, and in line with international practices. AASB standards help businesses report their financial performance accurately, which is essential for investors, regulators, and stakeholders to make informed decisions. By establishing these rules, the AASB aims to enhance accountability and protect the interests of users of financial statements, ultimately contributing to the overall stability and integrity of the financial system.