Accounting Standards Approved by the Accounting Standards Review Board (ASRB)

Multiple Choice

Accounting standards approved by the Accounting Standards Review Board (ASRB) had:

A) no legal backing under the Companies Act, and their application was optional.
B) no legal backing under the Companies Act, although almost all companies followed their guidance.
C) the force of law under the Companies Act, unless the companies could show that, by complying with any particular standard, the company's financial reports would not show a 'true and fair view'.
D) the force of law under the Companies Act, and their application was mandatory at all times.