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Protecting External Users

By complying with accounting standards, a company will fairly present its financial position, financial performance, and cash flows

This information will be useful to existing and potential investors, creditors, analysts, employees, regulators and other external parties in making and evaluating decisions about the allocation of scarce economic resources.

Assisting Directors in Discharging Their Obligations - a GPFR

As general-purpose financial reports are one of many ways for the management and board of directors to be accountable to those who provide resources to a company, compliance with accounting standards ensures a higher level of accountability is achieved and promotes accurate reporting

Providing Confidence to Investors in Australian Capital Markets - bCwAS

By complying with accounting standards, companies produce reports that can be relied upon by investors

therefor encouraging confidence in the information available to them and the processes used to produce the reports

Purpose of Accounting Standards

Protecting External Users

Assisting Directors in Discharging Their Obligations

Providing Confidence to Investors in Australian Capital Markets