Australian Accounting Standards set out the required accounting for particular types of transactions and events. The accounting requirements affect the preparation and presentation of an entity’s financial statements.
Interpretations interpret the requirements of Standards in application to particular transactions or events. These are usually developed where there has been diversity in the application of the requirements of a Standard.
Conceptual Framework documents describe the objective of, and the concepts for, general purpose financial reporting. The purpose of a Conceptual Framework is to (a) assist the AASB to develop Standards that are based on consistent concepts; (b) assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy; and (c) assist all parties to understand and interpret the Standards.
SAC 1 defines and explains the Australian concept of a reporting entity, which is relevant only to some entities (see AASB 1057). SAC 1 specifies that such reporting entities should prepare general purpose financial reports that comply with Australian Accounting Standards.
Practice Statements provide guidance to entities when preparing general purpose financial statements that comply with Australian Accounting Standards
Agenda Decisions report the AASB's reasoning when issues that are raised for consideration by the AASB are either not added to the agenda or else are removed from the agenda when it is decided that a domestic pronouncement or amendment will not be issued. Agenda Decisions cover matters of ongoing significance to general purpose financial statements.