Nature and regulation of companies参考.ppt

Contracting explanation for information production – Private information production * Theory and empirical evidence on the impact of disclosure * Market failure argument for accounting regulation * * * Treasurer of Australian Government – Appoints the chairman of the FRC and either chooses FRC members or chooses organisational bodies to choose a member to represent them FRC – acts as overseer and advisory body to the AASB, and sets it broad strategic direction and funding budget, but it cannot direct the AASB in relation to the development or making of a particular standard. It also does not have the power to veto a standard recommended by the AASB (although the Parliament can do this) AASB – Its function is to develop mandatory Australian AASB accounting standards suitable for the Australian business environment in a global market. The AASB standards are to be applicable to relevant companies under the corporations Act and for other reporting entities in other sectors (public sector, not-for-profit sector) Lobby Groups – have some influence on the FRC and their members (representatives of professional, business and government organisations with an interest in the standard setting process) and on the AASB as the AASB invites consultation, discussion and comments to its exposure drafts. * * * * * * * * * * * * * Note 1: Classes of users include: Investors Employees Lenders Suppliers Customers Government agencies and regulatory bodies The general public * Note 1: Classes of users include: Investors Employees Lenders Suppliers Customers Government agencies and regulatory bodies The general public * * * Australian Accounting Standards Board (AASB) The AASB is responsible for: development of a conceptual framework formulating accounting standards in accordance with the Corporations Act formulating accounting standards for other purposes (eg public and not-for-profit sectors) participating in the development of a single set of accounting standards for worldwi