The organisation that is currently the sole standard-setting body in New Zealand is the:
A) New Zealand Institute of Chartered Accountants.
B) Accounting Standards Review Board.
C) External Reporting Board.
D) New Zealand Exchange.

Question

Quizplus · Accepted Answer

The External Reporting Board (XRB) is currently the sole standard-setting body in New Zealand for financial reporting. The XRB is responsible for setting accounting standards, auditing and assurance standards, and standards for not-for-profit entities. The previous standard-setting body, the Accounting Standards Review Board, was replaced by the XRB in 2011 as part of a government-led reform of financial reporting in New Zealand. The other options, New Zealand Institute of Chartered Accountants (A), and New Zealand Exchange (D), are not standard-setting bodies but professional bodies for accountants and a stock exchange, respectively.

The Organisation That Is Currently the Sole Standard-Setting Body in New