The AASB's Responsibilities Include

question 25

Multiple Choice

The AASB's responsibilities include:

• A) developing accounting standards that have the force of law under The Corporations Act.
• B) Setting ethical guidelines for the accounting profession.
• C) Formulating standards to be used by the entities in the public sector.
• D) 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.
• E) All of the given answers.

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Definitions:

Bad Faith

Intentional dishonest act or failure to act, which misleads or deceives others, often in legal or contractual contexts.

Course Of Performance

The conduct that occurs under the terms of a particular agreement. Such conduct indicates what the parties to an agreement intended it to mean.

Contracting Parties

Contracting parties are the individuals or entities who enter into a contract, mutually agreeing to its terms and obligations.

Non-merchants

Individuals or entities that do not engage in commercial trading or business practices as their primary occupation.