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The AASB's responsibilities include: Select one: a. developing accounting standards that have the force of law...

The AASB's responsibilities include:

Select one:

a. 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.

b. setting ethical guidelines for the accounting profession.

c. developing accounting standards that have the force of law under the Corporations Act.

d. formulating standards to be used by the entities in the public sector.

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Answer #1

Correct answer:

Option (a) that is a 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 is correct answer. AASB stand for Australian Accounting Standard Board is an agency established by Australian government to develop, issue and maintain the accounting standards for the public sector entities. These accounting standards are applicable under the Australian company law.

Incorrect answers:

Option(b) that is setting ethical guidelines for the accounting profession is incorrect answer because AASB used to to develop, issue and maintain the accounting standards used by the entities in the public sector.

Option(c) that is developing accounting standards that have the force of law under the Corporations Act is incorrect answer  because AASB develops, issues and maintains the accounting standards for the public sector entities.

Option(d) that is formulating standards to be used by the entities in the public sector is incorrect answer because AASB is also helps in  developing accounting standards that have the force of law under the Corporations Act.

So correct answer is option (a)

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Answer #2

. 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.


source: experiance
answered by: dangolmanish
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