Which is the correct historical order for the development of these accounting standards?
A) AASB series, AAS series, SACs
B) SACs, AASB series, AAS series
C) AAS series, AASB series, SACs
D) AAS series, SACs, AASB series

Question

Quizplus · Accepted Answer

The AAS series was developed by the Australian Society of Accountants and was the earliest set of accounting standards in Australia. SACs (Statements of Accounting Concepts) were developed by the Australian Accounting Standards Board (AASB) to provide general guidance on accounting concepts and principles. The AASB series replaced the AAS series as the official accounting standards in Australia, and were developed by the AASB to align with international accounting standards. Therefore, the correct historical order is AAS series, AASB series, SACs.

Which Is the Correct Historical Order for the Development of These