Which of the following would have public accountability under AASB 1053: Application of Tiers of Australian Accounting Standards?
Question
Which of the following would have public accountability under AASB 1053: Application of Tiers of Australian Accounting Standards?
Solution
AASB 1053: Application of Tiers of Australian Accounting Standards defines public accountability as a characteristic of entities that are either:
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Holding assets in a fiduciary capacity for a broad group of outsiders as one of their primary businesses. This is typical of banks, credit unions, insurance providers, securities brokers/dealers, mutual funds and investment banks.
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Entities that have issued, or are in the process of issuing, debt or equity instruments that are, or will be, outstanding and traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets).
So, any entity that falls under these two categories would have public accountability under AASB 1053.
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