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Australian Accounting Standards Board
The Australian Accounting Standards Board (AASB) is an Australian Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Australian economy. Also, the AASB contributes to the development of global financial reporting standards and facilitates the participation of the Australian community in global standard setting. The AASB's functions and powers are set out in the ''Australian Securities and Investments Commission Act 2001''. The Australian Securities and Investments Commission’s (ASIC's) role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors. The AASB uses a conceptual framework to develop and evaluate accounting standards. Reporting standards The AASB makes Australian Accounting Standards, including Interpretations, to be applied by: (a) entities required by the ''Corporations Act 2001'' to prepare financial reports; (b ...
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Jim Chalmers
James Edward Chalmers (born 2 March 1978) is an Australian politician, currently serving as Treasurer of Australia since 23 May 2022. He is a member of the Australian Labor Party (ALP) and has served as a member of parliament for the division of Rankin since 2013. Chalmers was born in Brisbane and attended the Australian National University, where he achieved a PhD in political science. At the 2013 Australian federal election, Chalmers won the seat of Rankin in Brisbane's south, entering the House of Representatives. He served in the shadow ministries of Bill Shorten and Anthony Albanese, before assuming the role of treasurer after Labor's victory in the 2022 federal election. Early life and education Chalmers was born in Brisbane, the youngest of three children born to Graham and Carol Chalmers. His father worked as a courier and his mother worked as a nurse. They divorced when he was 14, by which time his older sisters had left home. Chalmers grew up in Logan City in Bris ...
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Institute Of Public Accountants
The Institute of Public Accountants (IPA) is one of the three legally recognised professional bodies for accountants in Australia. The IPA represents more than 40,000 members and students working in industry, commerce, government, academia and professional practice. The organisation rebranded from its previous title, the National Institute of Accountants (NIA), on 2 May 2011. In 2012, the IPA was ranked 19th in the BRW Most Innovative Companies list. The IPA launched its digital hub https://www.publicaccountant.com.au/, an expanded digital edition of its flagship journal ''Public Accountant'', in early 2013. History The Institute of Public Accountants (IPA) is one of Australia's oldest representative professional bodies, formed in 1923. * 1923 - Institute of Factory and Cost Accountants, formed in Melbourne, Victoria. * 1950 - Institute of Taxation and Cost Accountants, name change. * 1957 - National Institute of Accountants, name change. * 1967 - Institute of Commercial ...
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Commonwealth Government Agencies Of Australia
A commonwealth is a traditional English term for a political community founded for the common good. Historically, it has been synonymous with "republic". The noun "commonwealth", meaning "public welfare, general good or advantage", dates from the 15th century. Originally a phrase (the common-wealth or the common wealth – echoed in the modern synonym "public wealth"), it comes from the old meaning of "wealth", which is "well-being", and is itself a loose translation of the Latin res publica (republic). The term literally meant "common well-being". In the 17th century, the definition of "commonwealth" expanded from its original sense of " public welfare" or "commonweal" to mean "a state in which the supreme power is vested in the people; a republic or democratic state". The term evolved to become a title to a number of political entities. Three countries – Australia, the Bahamas, and Dominica – have the official title "Commonwealth", as do four U.S. states and two U.S. ter ...
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Accounting Organizations
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and " financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement, a ...
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Accounting In Australia
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and " financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement, a ...
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Margin On Services
Margin on Services (or MoS) is a financial reporting method developed by the Australian Accounting Standards Board that relates to life insurance companies in Australia and New Zealand. Under MoS, the value of future surpluses expected to emerge under a life insurance contract is first determined and then spread over the projected life of the policy. The spreading is normally done as a percent of projected claims in each future year, although other measures can be used, such as premium or expenses. It is this approach to spreading which resulted in the method being called "Margin on Services". Other characteristics of the MoS framework include: * realistic projections * policies can be assets * a risk-free discount rate is used (unless there is market risk in the projections) * future surpluses are recalculated at each reporting date, but are not capitalised to/from profit at that date, although loss-recognition events are possible The method is specified in prudential standard ...
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List Of Accountancy Bodies
This is a list of the various professional bodies and organisations that seek to provide regulation and oversight over individuals and firms operating in the accountancy industry. Accounting standard-setting bodies Accounting standard setting bodies are national or international organisations that have been delegated responsibility for setting Generally Accepted Accounting Principles by statute in a country or jurisdiction. *International **The International Accounting Standards Board issues IFRS **The International Federation of Accountants (with its International Public Sector Accounting Standards Board - IPSASB) issues IPSAS for Government/Public entities accounting. **The IFRS Foundation *Albania ** Albanian National Accounting Council * Australia **Australian Accounting Standards Board *Bhutan ** Accounting and Auditing Standard Board of Bhutan * Botswana ** Botswana Institute of Chartered Accountants *Canada ** CICA's Accounting Standards Board "AcSB" *France ** Autorit ...
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Accounting Professional & Ethical Standards Board
The Accounting Professional & Ethical Standards Board (APESB) is an independent, national body that sets out the code of ethics and professional standards with which accounting professionals who are members of CPA Australia, Institute of Chartered Accountants or Institute of Public Accountants must comply. Organization and mandate The APESB was established by CPA Australia and the Institute of Chartered Accountants in Australia in February 2006, and later that year the National Institute of Accountants (now called the Institute of Public Accountants The Institute of Public Accountants (IPA) is one of the three legally recognised professional bodies for accountants in Australia. The IPA represents more than 40,000 members and students working in industry, commerce, government, academia and ...) became the third member of the APESB. The three organizations jointly fund the APESB. Members of these three major Australian accounting bodies have a responsibility to act in the pu ...
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CPA Australia
CPA Australia ("Certified Practising Accountant") is a professional accounting body in Australia founded in 1886. As of 31 December 2020, it has 168,736 members working in 150 countries and regions around the world. CPA Australia currently has 19 staffed offices across Australia, China, Hong Kong, Malaysia, Singapore, Indonesia, Vietnam, New Zealand and the UK. History The current form of CPA Australia dates from 1952, when the Commonwealth Institute and Federal Institute merged to create the Australian Society of Accountants. In July 1990 the name changed to the Australian Society of Certified Practising Accountants, and in April 2000, the name became CPA Australia. The main predecessor bodies of the Society, with year of formation, were: *Incorporated Institute of Accountants, 1886 *Federal Institute of Accountants, 1894 *Association of Accountants of Australia, 1910 *Australasian Institute of Cost Accountants, 1920 CEO controversy The CEO of CPA Australia from 2008, Alex Ma ...
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Treasury Portfolio
The Treasurer of Australia (or Federal Treasurer) is a high ranking official and senior minister of the Crown in the Government of Australia who is the head of the Ministry of the Treasury which is responsible for government expenditure and for collecting revenue. The Treasurer plays a key role in the economic policy of the government. The current Australian Treasurer is Jim Chalmers whose term began on 23 May 2022. The Treasurer implements ministerial powers through the Department of the Treasury and a range of other government agencies. According to constitutional convention, the Treasurer is always a member of the Parliament of Australia with a seat in the House of Representatives. The office is generally seen as equivalent to the Chancellor of the Exchequer in the United Kingdom or the Secretary of the Treasury in the United States or, in some other countries, the finance minister. It is one of only four ministerial positions (along with Prime Minister, Minister for ...
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Institute Of Chartered Accountants In Australia
The Institute of Chartered Accountants in Australia (the institute) was the professional accounting body representing Chartered Accountants in Australia before it merged with the New Zealand Institute of Chartered Accountants to become Chartered Accountants Australia and New Zealand. It had over 61,000 members and some 12,000 students. It was one of three major legally recognised Professional Accountancy bodies in Australia. The others being CPA Australia and Institute of Public Accountants. It is a founding member of the Global Accounting Alliance (GAA). Members of the Institute are part of the international accounting coalition of the world's premier accounting bodies, the GAA. Chartered Accountants audit 100 per cent of the Top ASX-listed companies in Australia. In November 2013 Members of The Institute of Chartered Accountants in Australia and the New Zealand Institute of Chartered Accountants voted yes on a proposal to create One New Institute: "Chartered Accountants Aus ...
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