Which Statement Concerning the Urgent Issues Group (UIG) Is Untrue

question 57

Multiple Choice

Which statement concerning the Urgent Issues Group (UIG) is untrue?

• A) It was established to give a quick solution to problems that confront accounting practitioners.
• B) It was dissolved in 2012.
• C) It issued draft accounting standards.
• D) The publication dealing with the GST has been retained and issued by the AASB.

---

Definitions:

Three Branches

Usually refers to the division of government into three separate branches: legislative, executive, and judicial, aimed at preventing any one group from gaining too much power.

Government

The system or group of people governing an organized community, often a state, setting and administering public policy and exercising executive, political, and sovereign power through customs, institutions, and laws within a country.

Financial

Financial pertains to matters related to money, finance, or the economic resources of management, investment, and expenditure.

Statutory Laws

Laws enacted by a legislative body, such as Congress or parliament, that must be followed by citizens in the jurisdictions where they apply.