Document ID: chunk:federal_register_of_legislation:C2025C00182:section:224
Version: federal_register_of_legislation:C2025C00182
Segment Type: section
Provision Reference: s 224
Character Range: 570962–572607

224  Main objects of this Part
  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.

Division 1—The financial reporting system

Subdivision A—The Financial Reporting Council