Under the ASIC Act 2001 One of the Key Functions

question 35

True/False

Under the ASIC Act 2001 one of the key functions of the Australian Accounting Standards Board (AASB) is to participate in the development of a single set of accounting standards for worldwide use.

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Definitions:

Authority

The power or right to make decisions, direct others, and enforce obedience within a particular scope.

Plant Assets

Fixed assets that are tangible in nature, such as buildings and machinery, used in the operations of a business and expected to be useful for many years.

Profit Margin

A measure of a company's profitability, typically defined as net income divided by revenue, and expressed as a percentage.

Investment Turnover

A component of the rate of return on investment, computed as the ratio of sales to invested assets.