The Body That Is Responsible for the Issue of Accounting

question 48

Multiple Choice

The body that is responsible for the issue of accounting standards in Australia is the:

• A)Institute of Chartered Accountants in Australia.
• B)CPA Australia.
• C)Australian Securities and Investments Commission.
• D)Australian Accounting Standards Board.

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Definitions:

Coercion

The act of compelling a party to act in an involuntary manner by use of threats, force, or pressure.

Contract Force

The legal binding power of a contract that obliges the parties involved to fulfill their respective duties as outlined.

Ratification

The act of formally approving or confirming a decision or agreement, making it officially valid.

Adoption Or Affirmance

The act of accepting, endorsing, or formally confirming a previous decision or action, especially in a legal context.