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Accounting standards issued by the Australian Accounting Standards Board (AASB) are consistent with those issued by the: Group of answer choices Financial Reporting Council (FRC). Australian Taxation Office. Urgent Issues Group. International Accounting Standards Board.

Question

Accounting standards issued by the Australian Accounting Standards Board (AASB) are consistent with those issued by the: Group of answer choices

Financial Reporting Council (FRC).

Australian Taxation Office.

Urgent Issues Group.

International Accounting Standards Board.

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Solution

Accounting standards issued by the Australian Accounting Standards Board (AASB) are consistent with those issued by the:

  1. Not the Financial Reporting Council (FRC). The FRC is responsible for overseeing the accounting standard-setting process, not for issuing accounting standards.

  2. Not the Australian Taxation Office. The Australian Taxation Office is responsible for administering the tax system in Australia, not for issuing accounting standards.

  3. Not the Urgent Issues Group. The Urgent Issues Group is responsible for providing guidance on accounting issues that need to be resolved quickly, not for issuing accounting standards.

  4. International Accounting Standards Board. This is the correct answer. The AASB adopts the standards issued by the International Accounting Standards Board (IASB) and adapts them to the Australian context. Therefore, the accounting standards issued by the AASB are consistent with those issued by the IASB.

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