The Australian Accounting Standards Board (AASB) is an independent government body in Australia responsible for setting and maintaining financial reporting standards for both the public and private sectors. The standards developed by AASB ensure consistency, transparency, and accountability in financial reporting, helping stakeholders make informed decisions based on reliable financial information.

These standards align with the International Financial Reporting Standards (IFRS) to ensure compatibility with global norms. For example, businesses in Australia must prepare their financial statements in accordance with AASB standards, such as reporting items on the balance sheet or preparing income statements. Entities such as corporations, not-for-profits, and government agencies follow these guidelines to ensure they provide fair and accurate financial information to their stakeholders.