Section 296 of the Corporations Act requires [all or in part]: 0 the AASB to develop a conceptual framework, not having the force of an accounting standard, for the purpose of evaluating accounting standards and International standards. 0 a company's directors to ensure that the company's financial statements for a financial year complyr with accounting standards. 0 the directors to make a declaration statlng whether, In their oplnlonr the nancial statements comply.r with accounting standards. 0 the AAEB to follow the broad strategic direction determined by the PRC