224Main objects of this Part

224 Main objects of this Part

The main objects of this Part are: (a) to facilitate the development of accounting standards that require the provision of financial information that: (i) allows users to make and evaluate decisions about allocating scarce resources; and (ii) assists directors to discharge their obligations in relation to financial reporting; and (iii) is relevant to assessing performance, financial position, financing and investment; and (iv) is relevant and reliable; and (v) facilitates comparability; and (vi) is readily understandable; and (b) to facilitate the Australian economy by: (i) reducing the cost of capital; and (ii) enabling Australian entities to compete effectively overseas; and (iii) having accounting standards that are clearly stated and easy to understand; and (c) to maintain investor confidence in the Australian economy (including its capital markets).