Legally enforceable accounting standards that apply to Australian companies are issued by the:
A) Financial Reporting Council.
B) Australian Accounting Standards Board.
C) Australian Professional Accounting bodies.
D) Australian Securities and Investments Commission.

Question

Quizplus · Accepted Answer

Legally enforceable accounting standards that apply to Australian companies are issued by the Australian Accounting Standards Board (AASB), which is responsible for developing and issuing accounting standards in Australia. The AASB is an independent statutory body operating under the Australian Securities and Investments Commission Act 2001. The Financial Reporting Council and Australian Professional Accounting bodies may provide guidance or recommendations, but the AASB is the official body for issuing accounting standards. The Australian Securities and Investments Commission (ASIC) is responsible for enforcing compliance with accounting standards and financial reporting requirements.

Legally Enforceable Accounting Standards That Apply to Australian Companies Are