Which body has the power to make accounting standards under the Corporations Act?

Question

Quizplus · Accepted Answer

The AASB (Australian Accounting Standards Board) has the power to make accounting standards under the Corporations Act. ASIC (Australian Securities and Investments Commission) is responsible for enforcing compliance with these standards, but does not have the power to make them. ICAA (Institute of Chartered Accountants in Australia) and AARF (Australian Accounting Research Foundation) are professional organizations and do not have regulatory powers.

Which Body Has the Power to Make Accounting Standards Under