Commonwealth Consolidated Acts

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 224

    The main objects of this Part are:

  (a)   to facilitate the development of accounting standards, and sustainability standards, that require the provision of financial and other related information that:

  (i)   allows users to make and evaluate decisions about allocating scarce resources; and

  (ii)   assists directors to discharge their obligations in relation to financial reporting; and

  (iii)   is relevant to assessing performance, financial position, financing and investment; and

  (iv)   is relevant and reliable; and

  (v)   facilitates comparability; and

  (vi)   is readily understandable; and

  (aa)   to facilitate the development of auditing and assurance standards and related guidance materials that:

  (i)   provide Australian auditors with relevant and comprehensive guidance in forming an opinion about, and reporting on, whether financial reports comply with the requirements of the Corporations Act; and

  (ii)   require the preparation of auditors' reports that are reliable and readily understandable by the users of the financial reports to which they relate; and

  (b)   to facilitate the Australian economy by:

  (i)   reducing the cost of capital; and

  (ii)   enabling Australian entities to compete effectively overseas; and

  (iii)   having accounting standards, auditing standards and sustainability standards that are clearly stated and easy to understand; and

  (c)   to maintain investor confidence in the Australian economy (including its capital markets).

Note:   Sustainability standards include standards relating to climate.