IFRSs. In developing requirements for public sector entities, the AASB considers the requirements of International Public Sector Accounting Standards (IPSASs), as issued by the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants. Standard application The original series of Australian Accounting Standards (AASs), which was applicable to entities not regulated under the Corporations Law, was issued by the former AASB and the Public Sector Accounting Standards Board (PSASB) of the Australian Accounting Research Foundation (AARF) on behalf of the professional accounting bodies, prior to 2000. The original series of AASB Standards (AASBs), which was applicable to entities regulated under the Corporations Law, was also issued by the former AASB, prior to 2000. Most AASs were superseded by AASBs for reporting periods beginning on or after 1 January 2005 – as at 1 July 2011, only AAS 25 Financial Reporting by Superannuation Plans was still operative. All standards now issued by the AASB are labelled AASB Accounting Standards – their application paragraphs specify the types of entities to which they apply. Under the Australian Corporations Act 2001, many entities are required to apply Australian Accounting Standards when preparing their financial statements. Some public sector entities are required to apply Australian Accounting Standards under either Commonwealth, state or territory legislation, through specific instructions to preparers or reporting frameworks that set out guidelines or regulations. Members of Institute of Chartered Accountants in Australia, CPA Australia, and the Institute of Public Accountants have a professional obligation to take all reasonable steps within their power to ensure that entities with which they are involved comply with Australian Accounting Standards when preparing their general purpose financial statements. Adopted standards Since 2002, the AASB implemented the broad strategic direction from the Australian Financial Reporting Council (FRC) to adopt International Accounting Standards Board (IASB) standards for financial reporting periods beginning on or after 1 January 2005. In July 2004, the AASB issued a number of standards that apply from 2005, including: Australian Accounting Standards that incorporate IASB Standards Other AASB Standards supporting the Australian Accounting Standards that incorporate IASB Standards Other AASB Standards that apply to certain types of entities The Australian Accounting Standards that incorporate IASB Standards include: AASB 1 First-time Adoption of Australian Accounting Standards, AASB 2 Share-based Payment, etc., which incorporate IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 2 Share-based Payment, etc., being the Standards issued by the