The agency empowered to prepare and issue accounting standards for the purposes of the Corporations Act 2001 is the:
A) Australian Auditing Standards Board.
B) Australian Securities Exchange.
C) Australian Securities and Investments Commission.
D) Australian Accounting Standards Board.

Question

Quizplus · Accepted Answer

The Australian Accounting Standards Board (AASB) is the agency empowered under the Corporations Act 2001 to prepare and issue accounting standards in Australia. The other options do not have the same authority or responsibility for accounting standards.

The Agency Empowered to Prepare and Issue Accounting Standards for the Purposes