In Australia,Accounting standards are formulated by the:

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Accounting standards in Australia are formulated by the Australian Accounting Standards Board (AASB), which is an independent statutory body under the Australian Securities and Investments Commission (ASIC). The Financial Reporting Council (FRC) provides oversight and approves the AASB's standard-setting activities, but it does not directly formulate the accounting standards. The International Accounting Standards Board (IASB) sets global accounting standards, but it does not have direct authority in Australia. ASIC is responsible for enforcing compliance with accounting standards, but it does not formulate the standards themselves. Therefore, the correct answer is A) AASB.

In Australia,Accounting Standards Are Formulated by The