In relation to the conceptual framework, SAC stands for:
A) Sensible Accounting Constructs.
B) Standard Auditing Controls.
C) Statements from Accounting Committees.
D) Statements of Accounting Concepts.

Question

Quizplus · Accepted Answer

SAC stands for Statements of Accounting Concepts, which are published by the Australian Accounting Standards Board (AASB) and outline the fundamental principles for financial reporting in Australia. These concepts serve as a foundation for developing accounting standards and guidance for preparers and users of financial statements.

In Relation to the Conceptual Framework, SAC Stands For