Section 296 of the Corporations Act requires (all or in part):
A) the AASB to follow the broad strategic direction determined by the FRC.
B) the directors to make a declaration stating whether, in their opinion, the financial statements comply with accounting standards.
C) 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.
D) a company's directors to ensure that the company's financial statements for a financial year comply with accounting standards.

Question

Quizplus · Accepted Answer

Section 296 of the Corporations Act requires a company's directors to ensure that the company's financial statements for a financial year comply with accounting standards. This includes preparing financial statements that give a true and fair view of the company's financial position and performance, and making a declaration stating whether, in their opinion, the financial statements comply with accounting standards. The responsibility ultimately lies with the directors to ensure that the financial statements are accurate and comply with relevant standards.

Section 296 of the Corporations Act Requires (All or in Part)