The Australian Accounting Standards Board Changed the Name 'Statement of Financial

question 13

Multiple Choice

The Australian Accounting Standards Board changed the name 'statement of financial performance' to 'statement of profit and loss and other comprehensive income':

• A) to be consistent with the Corporations Act
• B) to be consistent with international accounting standards
• C) to be consistent with US accounting standards
• D) because of the development of accounting standards that are applicable to both the private and public sectors

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Definitions:

Economic Responsibility

The obligation of businesses to contribute to the economic well-being of their communities and society as a whole.

Social Responsibility

The practice of companies taking responsibility for the impact of their activities on the environment, consumers, employees, communities, and all other stakeholders.

Stakeholders

Individuals or groups with an interest or stake in the success of a project, business, or enterprise, including customers, employees, investors, suppliers, and the community.

Ethical Issue

a problem or situation that requires a person or organization to choose between alternatives that must be evaluated as right (ethical) or wrong (unethical).