The Financial Reporting Council is responsible for:
A) overseeing the accounting and auditing standard-setting process for both the public and private sectors in Australia.
B) developing Australian accounting standards for both the public and private sectors in Australia.
C) issuing Australian accounting standards 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. This involves monitoring and reviewing the work of the Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB), as well as providing advice to the government on these matters. The FRC also promotes the adoption of international accounting and auditing standards in Australia.

The Financial Reporting Council Is Responsible For