According to s.224 (a) of the ASIC Act (2001) ,accounting standards should result in financial information,which has which of the following characteristics?
I allows user to make decisions about allocating scarce resources
II assists directors in discharging their obligations in relation to financial reporting
III is able to be prepared on a timely basis
IV is readily understandable
V facilitates comparability
VI is relevant and reliable
A) I,IV and VI only
B) I,III,IV and VI
C) I,II,IV,V and VI
D) all of the above
Correct Answer:
Verified
Q4: A key role of the Australian Securities
Q5: A proprietary company must have at least
Q6: Which of the following statements is NOT
Q7: Replaceable rules deal with:
I.The appointment,powers and remuneration
Q8: Accounting Standards approved by the Accounting Standards
Q10: Compared to IFRS standards,Australian accounting standards require:
A)less
Q11: The role of the Australian Securities and
Q12: In terms of the numbering of AASB
Q13: In July 2002 the Financial Reporting Council
Q14: Which of the following was NOT one
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