What Organisation Is Responsible for Setting Accounting Standards in Australia

question 16

Multiple Choice

What organisation is responsible for setting accounting standards in Australia?

• A)Generally Accepted Accounting Principles (GAAP)
• B)Australian Accounting Standards Board (AASB)
• C)International Accounting Standards Boards (IASB)
• D)Financial Accounting Standards Board (FASB)

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Definitions:

Representation

The act of electing officials who are charged with acting on behalf of a larger group, reflecting their interests in a legislative or governmental setting.

Congress

The bicameral legislature of the federal government of the United States, consisting of two chambers: the Senate and the House of Representatives.

Iron Triangles

A concept in U.S. politics that captures the stable, mutually beneficial relationships among government agencies, interest groups, and congressional committees or subcommittees.

Committee System

The organizational method used by legislatures, such as the United States Congress, to manage and process legislation through specialized groups or committees.