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.

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Definitions:

Globalization

The process of interaction and integration among people, companies, and governments worldwide, largely driven by international trade and investment and aided by information technology.

Economic Reforms

Government policies aimed at improving a country's economic efficiency by reducing restrictions, encouraging free-market conditions, and fostering competition.

Free Trade

Free trade is a policy framework in which governments do not discriminate against imports or interfere with exports, allowing goods and services to move freely between countries.

Sovereign Nation

A state or country that has complete autonomy and control over its territory and governance, free from external control.