1.Develop, issue and maintain principles-based, Australian accounting and reporting standards and guidance that meet the needs of external report users (including financial reports) and are capable of being assured and enforced. ` For ‘publicly accountable1’ entities maintain IFRS2 compliance; for others, use IFRS Standards (where they exist), and transaction neutrality (modified as necessary), or develop Australian- specific standards and guidance.

1.Develop, issue and maintain high quality Australian auditing and assurance standards and guidance that meet the needs of stakeholders. Use IAASB Standards - where they exist, modified as necessary - or develop Australian-specific standards and guidance.

2.With the AUASB, play a leading role in reshaping the Australian external reporting framework by working with the regulators to develop objective criteria on:

• who prepares external reports (including financial reports)

• the nature and extent of assurance required on these external reports.

2. With the AASB, play a leading role in reshaping the Australian external reporting framework by working with the regulators to develop objective criteria on:

• who prepares external reports (including financial reports)

• the nature and extent of assurance required on external reports.

3.Actively influence IASB4, IPSASB5 standards and other international accounting and external reporting standards and guidance, by demonstrating thought leadership and enhancing key international relationships.

3.Actively influence international auditing and assurance standards and guidance by demonstrating thought leadership and enhancing key international relationships.

4.Attain significant levels of key stakeholder engagement, through collaboration, partnership and outreach.

4.Attain significant levels of key stakeholder engagement, through collaboration, partnership and outreach.

5.Influence initiatives to develop standards and guidance that meet user needs for external reporting integral to financial reporting.

5.Influence initiatives to develop assurance standards and guidance that meet user needs for extended external reporting.

6.Monitor and respond to, or lead on, emerging issues impacting the development of accounting and external reporting standards, including changing technologies.

6.Monitor and respond to, or lead on, emerging issues impacting the development of auditing and assurance standards and guidance, including changing technologies.

7.Develop guidance and education initiatives, or promote development by others, to enhance the consistent application of accounting and external reporting standards and guidance.

7.Develop guidance and education initiatives, or promote development by others, to enhance the consistent application of auditing and assurance standards and guidance.

8.Build a high performing team that operates efficiently, effectively and within budget, complying with all relevant legislation and Commonwealth Government requirements

Accounting standards should facilitate the provision of financial information that:

i. allows users to make and evaluate decisions about allocating scarce resources

ii. assists directors to discharge their obligations in relation to financial reporting

iii. is relevant to assessing performance, financial position, financing and investment

iv. is relevant and reliable facilitates comparability and is readily understandable

v. facilitates comparability and is readily understandable

Auditing and assurance standards should facilitate the provision of information that:

i. provides 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 2001 (Corporations Act)

ii. requires the preparation of auditors’ reports that are reliable and readily understandable by the users of the financial reports to which they relate

The Australian financial reporting system should:

i. facilitate the Australian economy by reducing the cost of capital and enabling Australian entities to compete effectively domestically and internationally

ii. facilitate the Australian economy by developing accounting and auditing and assurance standards that are clearly stated and easy to understand to maintain investor confidence in the Australian economy, including its capital markets