Rules that govern the practice of accounting. The standards are legally binding.
Accounting standards referred to in Part 2 of this series are the Australian Accounting Standards (AAS). The Australian Accounting Standards are documents that detail the accounting requirements that will apply for most departments and agencies. Any body registered as a corporate entity under the Commonwealth Corporations Act should refer to the equivalent Australian Accounting Standards Board (AASB) standard(s).
Stipulations on how a company must present its annual or consolidated financial statements. The quotation regulations of the SWX Swiss Exchange recognizes or demands, depending on the sector involved, the Swiss Accounting and Reporting Recommendations (ARR) or IAS. Companies listed in the USA must present their financial statements in accordance with US-GAAP (Generally Accepted Accounting Principles).