Which of the following statements about accounting regulation is NOT true?
A) The Financial Reporting Council is responsible for providing broad oversight of the accounting standard-setting process in the private and public sectors.
B) One of the key functions of the Australian Accounting Standards Board is to oversee the operation of the Financial Reporting Council.
C) The Australian Securities and Investments Commission monitors compliance with accounting standards.
D) ASIC promotes honesty and fairness in financial markets.

Question

Quizplus · Accepted Answer

The Australian Accounting Standards Board is responsible for developing and issuing accounting standards in Australia, but it does not oversee the operation of the Financial Reporting Council. The other statements are true.

Which of the Following Statements About Accounting Regulation Is NOT