The AASB's responsibilities include:
A) developing accounting standards that have the force of law under the Corporations Act.
B) setting ethical guidelines for the accounting profession.
C) formulating standards to be used by the entities in the public sector.
D) developing accounting standards that have the force of law under the Corporations Act and formulating standards to be used by the entities in the public sector.

Question

Quizplus · Accepted Answer

The AASB's responsibilities include developing accounting standards that have the force of law under the Corporations Act and formulating standards to be used by the entities in the public sector. While ethical guidelines are important for the accounting profession, they are typically developed and enforced by professional bodies such as CPA Australia or the Institute of Public Accountants, rather than the AASB.

The AASB's Responsibilities Include