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1.37     The Australian Accounting exam bank Standards Board (AASB) and international accounting standards

What is the relationship between the AASB and the international standard-setting bodies such as the IASB?

Australian and international accounting exam bank standards

Since 1 January 2005, Australian entities have complied with International Financial Reporting Standards (IFRS). The Australian Accounting Standards Board (AASB) is responsible for the development and maintenance of high-quality financial reporting standards in Australia, and to contribute to the ongoing development of global accounting standards. The AASB provides input into current International Accounting Standards Board (IASB) projects by issuing exposure drafts of amended AASBs that incorporate the relevant clauses and requirements of the IFRS.

1.38     Sustainability reporting

BHP Billiton Ltd includes a sustainability report in its annual report. What key performance indicators are included in this report? Explain the different stakeholders that would be interested in this information.

The key performance indicators included in this report are:

1. governance

2. people

3. environment

4. exam bank

The employees of the company would be interested in the safety and health measures undertaken by BHP Billiton Ltd. Future employees may be interested in the gender diversity of the organisation such as number of woman directors on the board of directors. Future employees may also be interested in the age and cultural diversity of the workplace.  Prospective investors may be interested in the environmental aspects of the company such as climate change and energy, biodiversity and land management and water management. Society would be interested in the way the company supports and engages with the community, the way the company respects human rights and makes a positive contribution to society for question bank download.

1.39     Go to the ASX website (www.asx.com.au).

a.       In the search field type, ‘What is the sharemarket’. Click on the result ‘ASX Tutorial: What is the sharemarket?’. Watch the video on ‘What is the sharemarket?’ How the buying and selling process work and what is the role of the broker?

b.      Next, click on ‘Prices, Research & Announcements’, then ‘Market statistics’. Under the heading ‘Most traded shares’ click on the value of the top 20 shares. What are the current  question bank download top 20 shares by value?

c.       Again under ‘Market statistics’, under the heading ‘Historical market statistics’ click on ‘number of listed entities’. What is the current number of listed entities on the ASX and what is the percentage increase since 2002?

a.   ASX-listed shares are easy to buy and sell compared with unlisted shares, property and term deposits. You can buy or sell small amounts quickly          through a licensed broker. Brokerage fees for executing a trade are usually a             fixed fee or a small percentage of the value of the shares traded.

1.40     After successfully running her small private recruitment agency for a number of years, Anastasia feels it is now time to expand. Her friends in business have told her to ‘get big or get out’. One of the options she is investigating is whether or not to list on the ASX. She has heard that the ASX question bank download has its own regulation in the form of Listing Rules.

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