Question

Under the Corporations Act, which of the following types of companies must comply with Australian accounting standards?

I. disclosing entities

II. publicly listed companies

III. large proprietary companies

IV. small proprietary companies

I, II and III only.

II and III only

II only

all of the given answers

Answer 1

Answer:-

Under the Corporations Act, which of the following types of companies must comply with Australian accounting standards?

(D) All of the given answer is correct

The Australian Accounting Standards Board (AASB) is an Australian Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Australian economy. Also, the AASB contributes to the development of global financial reporting standards and facilitates the participation of the Australian community in global standard setting. The AASB’s functions and powers are set out in the Australian Securities and Investments Commission Act 2001.