During the Ad Hoc Period of Accounting Standard Setting in Australia

question 29

Multiple Choice

During the ad hoc period of accounting standard setting in Australia in the 1970s and '80s,which of the following is not correct?

• A) Arguments by business in relation to standards tended to be based on self-interest rather than sound theoretical considerations
• B) The business community preferred standards which reduced choice
• C) The business community preferred standards which maintained the status quo
• D) Standard setters tended to produce standards that they knew were acceptability to the business community

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Definitions:

Strategic Leadership

The ability of an organization's leaders to envision, maintain flexibility, think strategically, and work with others to initiate changes that will create a viable future for the organization.

Continuous Change

A constant, ongoing process of adapting and improving organizations, processes, or products in response to external or internal factors.

Organizational Strategies

Plans and actions taken by a company to achieve its goals and improve its competitive position.

Boards of Directors

Groups of elected individuals who represent shareholders and oversee the activities and strategic direction of a company.