The accounting regulation is heavily influenced by the legal system in which it operates.In Australia laws are based on which legal system?

Question

Quizplus · Accepted Answer

The legal system in Australia is based on Common Law, which originated in England and has been adopted by many countries around the world, including Australia. Common Law is characterized by the development of laws through judicial decisions and precedents, rather than through codified statutes. This has significant implications for accounting regulation, as it means that the interpretation and application of accounting laws and standards can be influenced by the decisions of judges in court cases.

The Accounting Regulation Is Heavily Influenced by the Legal System