Which of the following statements is false?
A) GAAP in Australia is a combination of accounting standards and interpretations as well as concepts and principles that have developed over time.
B) The Australian Securities and Investments Commission monitors a company's compliance with accounting standards and the Corporations Act.
C) Members of the FRC are appointed by the Australian Accounting Standards Board.
D) Listed public companies must comply with Australian Securities Exchange listing rules which, for financial reporting purposes, focus on disclosure of information.

Question

Quizplus · Accepted Answer

Members of the FRC appoint members of the AASB. Members of the FRC are appointed by the Commonwealth Treasurer and include key stakeholders from the business community, the professional accounting bodies, governments and regulatory agencies. All other statements are correct.

Which of the Following Statements Is False