Exam 1: An Overview of the Australian External Reporting Environment

The role of the Financial Reporting Council is to provide broad oversight of the process for setting standards in Australia,including the authority to direct the AASB to develop,amend or revoke a particular standard:

In recent times the AASB has been reluctant to include alternative options within standards.This means:

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?

Which of the following most accurately describes the process of issuing an IASB standard?

An argument to support the requirement that all companies over a certain size should adhere to accounting standards is:

In accordance with AASB 101 'Presentation of Financial Statements a financial report comprises of........?

The Corporations Act is very specific about what must,and must not,be included in the Directors' Report attached to a company's financial statements:

The main benefits of international harmonisation are said to include:

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

Pursuant to sections 298-300AA of the Corporations Act,the Directors' Report must include:

What option(s)does a company have when directors are of the view that compliance with accounting standards does not generate a true and fair view financial statements?

Some of the costs of international convergence of accounting standards include:

Accounting cannot be considered to be "culture free".Arguably,value systems of accountants are expected to be related to the values of the society within which they operate.Ans to such values will have an impact on accounting systems:

The International Accounting Standards Board website explains how the IASB believes its relationship with national standards setters should be conducted.It notes that:

Standards with the prefix IFRS/IAS:

The regulation of accounting can be argued to be necessary to protect the information rights of parties not involved in the day-to-day operations of the organisation:

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

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

Section 296 of The Corporations Act requires (all or in part):

The AASB has responsibility for developing a conceptual framework,among other things.AASB are initials that stand for: