Part a:

Financial accounting is regulated under applicable regulations from Australian Accounting Standards Board (AASB), while management accounting is not regulated by any AASB regulations. Explain in your own words why theres no need for management accounting to be regulated under AASB while financial accounting does need to be regulated under AASB regulations?

Part b:

As management accounting does not need to be regulated under AASB, how are management accountants behavior, actions and decisions controlled and kept on the right track for the benefit and safety of stakeholders (employees, community, environment, and so on)? When responding to the question, make an appropriate reference to each of the ethical codes of conduct for professional accountants as discussed/explained in our units topic 1 learning resources.