The Australian Financial Reporting Council is not able to directly influence the content of the AASB's accounting standards, but has the capacity to do so given its control of the budget and priorities of the AASB.

Question

Quizplus · Accepted Answer

The Australian Financial Reporting Council (FRC) oversees the process of setting accounting standards in Australia and, while it does not directly influence the content of the Australian Accounting Standards Board's (AASB) standards, it has indirect influence through its control over the AASB's budget and priorities, which can affect the direction and focus of the standards being developed.

The Australian Financial Reporting Council Is Not Able to Directly