Australian Accounting Standards Board (AASB)

Abstract

The Australian Accounting Standards Board (AASB) is a regulatory body responsible for evaluating standards proposed by the Australian government, establishing accounting standards in accordance with Section 334 of the Companies Act, and developing accounting standards for various other objectives. The organization assumes the responsibility of addressing matters pertaining to the Islamic Accounting Standard IAS 39. Furthermore, it undertakes various tasks including but not limited to facilitating the evolution of accounting standards and furthering the primary objectives outlined in Section 12 of the ASIC Law. Furthermore, it assumes the responsibility of aligning accounting standards with both international and Islamic finance norms, standardizing various types of financial contracts, such as Musharakah, and implementing cost regulations. Therefore, it plays a significant role in facilitating the dissemination of Islamic Finance, which addresses a crucial economic requirement of the Muslim population in the nation and harnesses the momentum of growth.