Legally enforceable accounting standards that apply to Australian companies are issued by
A)the Financial Reporting Council.
B)the Australian Stock Exchange.
C)the Australian Securities and Investments Commission.
D)the Australian Accounting Standards Board.

Question

Quizplus · Accepted Answer

Legally enforceable accounting standards that apply to Australian companies are issued by the Australian Accounting Standards Board (AASB). The Financial Reporting Council (FRC) oversees the AASB's strategic direction, and the Australian Securities and Investments Commission (ASIC) is responsible for enforcing compliance with the accounting standards. The Australian Stock Exchange (ASX) sets listing rules for companies but does not issue accounting standards.

Legally Enforceable Accounting Standards That Apply to Australian Companies Are