The Corporations Act Requires Which of the Following Statements to Be

question 50

Multiple Choice

The Corporations Act requires which of the following statements to be included in a Directors' Declaration?

• A) whether in their opinion the financial statements comply with accounting standards and the Corporations Act
• B) whether in their opinion the financial statements give a true and fair view of the financial position and financial performance of the entity
• C) whether or not in their opinion, when the declaration was made, there were reasonable grounds to believe that the company would be able to pay its debts as they become due
• D) All of the given answers should be included.

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Definitions:

IOSCO

Stands for the International Organization of Securities Commissions, which is a global body that sets standards for regulating securities and futures markets.

Convergence

In financial contexts, it can refer to the efforts to harmonize international accounting standards and practices, reducing differences between region-specific frameworks.

FASB

The Financial Accounting Standards Board, an organization responsible for establishing and improving accounting standards within the United States.

Auditing Experience

The professional knowledge and skill gained through performing audits, typically used by accountants and auditors to ensure financial statements are accurate and comply with laws and regulations.