Exam 1: An Overview of the Australian External Reporting Environment

Which body reviews, on a timely basis within the context of existing International Accounting Standard and the IASB Framework, accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance?

For auditing to be an effective strategy for reducing the costs of attracting funds, the auditor must:

The idea that accounting information can be used by people without paying for it, and pass it on, defines accounting information as being:

The Australian Accounting Standards Board reports to which body?

A criticism of the way the membership of the Financial Reporting Council has been structured is that:

Some of the perceived barriers to the harmonisation process (for the harmonisation of accounting standards globally) include:

Standards with the prefix IFRS/IAS:

A joint Memorandum of Understanding between the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB), published in 2006:

ASIC (The Australian Securities and Investment Commission) has the responsibility, among other things, to monitor and regulate various investment products and superannuation:

The functioning of the Auditing and Assurance Standards Board is overseen by: