The Only Body with the Power to Veto a Standard

question 46

Multiple Choice

The only body with the power to veto a standard recommended by the AASB is:

• A) The Financial Reporting Council.
• B) The Commonwealth Parliament.
• C) The Australian Accounting Standards Review Board.
• D) The Urgent Issues Group.
• E) None of the given answers.

---

Definitions:

Market Demand

The total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.

Long-Run Profits

The amount of money a firm makes after all inputs have been adjusted to their optimal levels, considering the long-term outlook.

Short-Run Profits

Profits earned during a brief period of time, not considering long-term investments or fixed costs.

Monopolistic Competition

A market structure where many companies sell products that are similar but not identical, allowing for significant competition.