What are the Australian accounting and auditing standards?

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please answer =] gogoWhat are the Australian accounting and auditing standards?
These are rules and procedures adopted by the proper accounting/auditing organizations/professionals in Australia for the handling and treatment of accounting matters in order to obtain uniformity in accounting and auditing practice. These are too numerous to enumerate here. An example would be the treatment of prepaid insurance. When is it an asset, and when is it an expense. The rules adopted would definitely impact the balance sheet ratios and income ratios, that is why adherence to one set of rules and procedures is critical. When accountants certify that financial statements have been prepared in accordance with these standards, the financial statement users have the assurance that only one set of rules and procedures have been applied.