What organisation is responsible for setting accounting standards in Australia?
A)Generally Accepted Accounting Principles (GAAP)
B)Australian Accounting Standards Board (AASB)
C)International Accounting Standards Boards (IASB)
D)Financial Accounting Standards Board (FASB)

Question

Quizplus · Accepted Answer

The Australian Accounting Standards Board (AASB) is the organisation responsible for setting accounting standards in Australia. GAAP is a set of standards used in the US, IASB is an international standard-setting organization, and FASB is a US-based organization responsible for setting accounting standards for private companies.

What Organisation Is Responsible for Setting Accounting Standards in Australia