Who has overall responsibility for issuing accounting standards in Australia?
A) The Financial Reporting Council (FRC)
B) The Australian Accounting Standards Board (AASB)
C) The International Accounting Standards Board (IASB)
D) The Australian Accounting Research Foundation (AARF)

Question

Quizplus · Accepted Answer

The Australian Accounting Standards Board (AASB) has overall responsibility for issuing accounting standards in Australia. The AASB is an independent accounting standard setter, responsible for developing and maintaining a single set of accounting standards for Australian entities, including companies, not-for-profits, and government entities. The AASB also contributes to the development of international accounting standards through its involvement with the International Accounting Standards Board (IASB). The Financial Reporting Council (FRC) oversees the AASB's activities, but does not issue accounting standards itself. The Australian Accounting Research Foundation (AARF) is no longer in existence.

Who Has Overall Responsibility for Issuing Accounting Standards in Australia