Explain How Accounting Standards Are Currently Enforced in Australia

question 15

Essay

Explain how accounting standards are currently enforced in Australia.

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Definitions:

Preexisting Duty Rule

A principle in contract law stating that performing or promising to perform a duty already owed under contract does not constitute valid consideration for a new promise.

Unforeseen Difficulties

Unexpected challenges or obstacles that were not anticipated, making a task or goal harder to achieve.

Preexisting Duty

An obligation that a party is already legally bound to perform, which cannot serve as consideration for a new contract.

Foreseen Difficulty

An anticipated challenge or problem that can be predicted based on current knowledge or trends.