AASB accounting standards are legally enforceable in Australia under:
A)the Trade Practices Act 1974
B)the Income Tax Assessment Act 2007
C)The Australian Constitution
D)The Corporations Act 2001

Question

Quizplus · Accepted Answer

AASB accounting standards are legally enforceable in Australia under the Corporations Act 2001, which requires public companies to prepare and lodge financial reports that comply with accounting standards. The Trade Practices Act 1974 and the Income Tax Assessment Act 2007 do not specifically relate to accounting standards, and while the Australian Constitution outlines the powers of the Australian Government, it does not directly address accounting standards.

AASB Accounting Standards Are Legally Enforceable in Australia Under