The functions of the Australian Accounting Standards Board include: I. development of a conceptual framework for the purpose of evaluating proposed accounting standards.
II) making accounting standards for the purpose of the Corporations Act.
III) participating in and contributing to the development of a single set of accounting standards for worldwide use.

Question

Quizplus · Accepted Answer

The Australian Accounting Standards Board has three main functions which include:
I. Development of a conceptual framework for the purpose of evaluating proposed accounting standards.
II. Making accounting standards for the purpose of the Corporations Act.
III. Participating in and contributing to the development of a single set of accounting standards for worldwide use. Therefore, all three statements are true and the correct answer is D) I, II and III.

The Functions of the Australian Accounting Standards Board Include: I