AASB accounting standards are legally enforceable in Australia under the:
A) Trade Practices Act 1974.
B) Income Tax Assessment Act 2007.
C) Corporations Act 2001.
D) Australian Securities and Investments Commission.

Question

Quizplus · Accepted Answer

AASB accounting standards are enforceable under the Corporations Act 2001, which requires companies to prepare financial statements in compliance with the accounting standards issued by the Australian Accounting Standards Board. The Trade Practices Act 1974 and the Income Tax Assessment Act 2007 do not relate specifically to financial reporting standards, and the Australian Securities and Investments Commission is the regulatory body responsible for enforcing compliance with the Corporations Act and related regulations.

AASB Accounting Standards Are Legally Enforceable in Australia Under The