The body in Australia which issues legally enforceable accounting standards that apply to companies is:
A) CPA Australia.
B) Financial Reporting Council.
C) Australian Accounting Standards Board.
D) Australian Securities and Investments Commission.

Question

Quizplus · Accepted Answer

The Australian Accounting Standards Board (AASB) issues legally enforceable accounting standards that apply to companies in Australia. The AASB operates under the auspices of the Australian Securities and Investments Commission (ASIC) and is responsible for developing and maintaining high-quality financial reporting standards that meet the needs of users of financial statements. While CPA Australia and the Financial Reporting Council also play important roles in the development and promotion of accounting standards, they do not have the authority to issue legally enforceable standards.

The Body in Australia Which Issues Legally Enforceable Accounting Standards