In Which Year Did Australia Adopt the IASB's International Accounting

question 28

Multiple Choice

In which year did Australia adopt the IASB's international accounting standards?

• A) 2001
• B) 2005
• C) 2009
• D) 2015

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Definitions:

Warehousing

In finance, a method of securing the lender’s interest when borrowing is secured by inventories. The inventory is placed in a warehouse operated by a third party. When it is drawn out of the warehouse by the borrower, a pro rata share of payment on the loan is due.

Legal Control

The power or authority to direct the management and policies of a company or organization, typically through ownership of voting shares or by contract.

Trade Payables

Money owed by a business to its suppliers or creditors for goods and services purchased on credit.

Financial Manager

A professional responsible for the financial health of an organization, involving financial planning, management of financial risks, and financial report analysis.