Asked by nelly becerril on Jul 07, 2024
Verified
With regards to the Australian accounting standards, IASB stands for:
A) International Auditing Standards Board.
B) International Accounting Securities Body.
C) International Accounting Standards Board.
D) International Accounting Statements Body.
Australian Accounting Standards
Rules and guidelines set by the Australian Accounting Standards Board (AASB) that govern how financial reporting is conducted in Australia.
IASB
Stands for International Accounting Standards Board, responsible for developing International Financial Reporting Standards (IFRS).
- Understand the organizational framework and management of global financial reporting standards and institutions.
Verified Answer
BP
Brian PlacenciaJul 07, 2024
Final Answer :
C
Explanation :
IASB stands for International Accounting Standards Board which develops and promotes international accounting standards that are accepted globally, including in Australia. These accounting standards provide a common language and framework for financial reporting which facilitates transparency, comparability, and credibility of financial statements.
Learning Objectives
- Understand the organizational framework and management of global financial reporting standards and institutions.
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