As set out in the Treasury Portfolio Budget Statements for 2019-20, the AASB’s single outcome is to formulate and make accounting standards that are used by Australian entities to prepare financial reports and enable users of these reports to make informed decisions. The AASB’s vision is to contribute to stakeholder confidence in the Australian economy, (including its capital markets) and in external reporting integral to financial reporting. Its mission and single program are:

• developing, issuing and maintaining accounting standards and guidance that meet user needs and enhance external reporting consistency and quality
• contributing to the development of a single set of accounting and external reporting standards for world-wide use.

Our purpose is to:

• make accounting standards under the Corporations Act 2001 for the purposes of the corporations legislation and for other purposes.
• participate in and contribute to the development of a single set of accounting standards for world-wide use.
• in a financial reporting context, enable Australian entities to compete effectively;
• maintain investor confidence in the Australian economy, including its capital markets;
• having regard to the interests of Australian corporations raising capital in major international financial centres.

The Chair’s report sets out the contextual basis for progress made on achieving our strategies and purpose.