The Financial Reporting Council is responsible for
A)developing Australian accounting standards for both the public and private sectors in Australia
B)issuing Australian accounting standards for both the public and private sectors in Australia.
C)overseeing the accounting and auditing standard-setting process for both the public and private sectors in Australia
D)reporting breeches of Australian accounting standards for both the public and private sectors in Australia.

Question

Quizplus · Accepted Answer

The Financial Reporting Council (FRC) is responsible for overseeing the accounting and auditing standard-setting process for both the public and private sectors in Australia. The FRC works closely with the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB) in developing and issuing Australian accounting and auditing standards. The FRC also monitors compliance with these standards and reports any breaches to relevant authorities. However, the FRC itself does not develop or issue the accounting standards.

The Financial Reporting Council Is Responsible for