Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:2_224
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 2 cl 224
Character Range: 513977–514947

224  Main objects of this Part

  The main objects of this Part are:
 (a) to facilitate the development of accounting standards that require the provision of financial 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
 (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 that are clearly stated and easy to understand; and
 (c) to maintain investor confidence in the Australian economy (including its capital markets).

Division 1—The Australian financial reporting system