During the ad hoc period of accounting standard setting in Australia in the 1970s and '80s,which of the following is not correct?
A) Arguments by business in relation to standards tended to be based on self-interest rather than sound theoretical considerations
B) The business community preferred standards which reduced choice
C) The business community preferred standards which maintained the status quo
D) Standard setters tended to produce standards that they knew were acceptability to the business community

Question

Quizplus · Accepted Answer

The business community generally preferred standards that allowed for more choice and flexibility, rather than reducing choice.

During the Ad Hoc Period of Accounting Standard Setting in Australia