Under section 296 of the Corporations Act 2001,directors of companies that fail to comply with AASB accounting standards may be prosecuted by:

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ASIC (Australian Securities and Investments Commission) is the regulatory authority responsible for enforcing compliance with the Corporations Act 2001, including prosecuting directors of companies that fail to comply with AASB accounting standards. AASB (Australian Accounting Standards Board) is responsible for setting and developing these accounting standards, while ASX (Australian Securities Exchange) is a stock exchange and FRP (Financial Reporting Panel) is a body that reviews financial reports of certain entities.

Under Section 296 of the Corporations Act 2001,directors of Companies