A Regulation Impact Statement is prepared by the AASB.This statement:
A) provides a cost-benefit analysis of the proposed new standard
B) must be prepared by the AASB before any new standards are released
C) ensures that information contained in the financial statements is timely and material
D) both A and B

Question

Quizplus · Accepted Answer

A Regulation Impact Statement (RIS) is a statement that provides a cost-benefit analysis of the proposed new standard. It must be prepared by the Accounting Standards Board (AASB) before any new standards are released. The purpose of the RIS is to ensure that the information contained in the financial statements is timely and material. Therefore, options A and B are correct.

A Regulation Impact Statement Is Prepared by the AASB