The AASB's responsibilities include:
A) developing accounting standards that have the force of law under The Corporations Act.
B) Setting ethical guidelines for the accounting profession.
C) Formulating standards to be used by the entities in the public sector.
D) developing accounting standards that have the force of law under The Corporations Act and formulating standards to be used by the entities in the public sector.
E) All of the given answers.

Question

Quizplus · Accepted Answer

The AASB is responsible for developing accounting standards that have the force of law under The Corporations Act and formulating standards to be used by the entities in the public sector. They do not set ethical guidelines for the accounting profession, and while they have a close relationship with the profession, they are an independent statutory body separate from it. The option E is incorrect because the AASB does not set ethical guidelines for the accounting profession.

The AASB's Responsibilities Include