... Standards Board (AASB), promulgated through Part 12 of The Australian Securities and Investments Commission (ASIC) Act 1989, is responsible for setting accounting standards, which, in most cases, are essentially used to govern, pursuant to section 334 of the Corporation Act 2001, the preparation of the financial statements of listed entities operating in Australia1. In recent times, the AASB undertook a program that was aimed at harmonising the requirements of the Australian accounting standards with that of the international standards. The program eventuated in the full adoption on an international level following a report from the Financial Reporting Council (FRC) being presented to the Australian Federal Government. However, in light of the fact that companies were found not to comply with relevant disclosure and other requirements, ASIC sought to develop a surveillance program citing 'an effective compliance and enforcement strategies were necessary'2. This was reflected in the same comment made by the ...

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