The organisation that is currently the sole standard-setting body in Australia is the:
A)Institute of Chartered Accountants in Australia.
B)Australian Accounting Standards Board.
C)CPA Australia.
D)Australian Securities Exchange.

Question

Quizplus · Accepted Answer

The Australian Accounting Standards Board (AASB) is the sole standard-setting body for accounting standards in Australia. It is responsible for developing and issuing accounting standards that are applicable to both the private and public sectors. The other options listed are professional accounting bodies or stock exchange, which are not responsible for setting accounting standards.

The Organisation That Is Currently the Sole Standard-Setting Body in Australia