Accounting Standards (ASs) are written policy documents issued by theGovernment with the support of other regulatory bodies e.g., Ministry ofCorporate Affairs (MCA) issuing Accounting Standards for corporates inconsultation with National Financial Reporting Authority (NFRA

Standards established by the International Accounting Standards Board are referred to as

15. What is the International Accounting Standards Board(IASB), and what are its objectives?

Accounting standards issued by the Australian Accounting Standards Board (AASB) are consistent with those issued by the: Group of answer choices Financial Reporting Council (FRC). Australian Taxation Office. Urgent Issues Group. International Accounting Standards Board.

Short Answer Question 1 - Regulatory Framework(Answer length - approximately 100-150 words)Since January 2005, Australia has aligned its accounting practices with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). This significant shift has inevitably transformed the operations and mandate of the Australian Accounting Standards Board (AASB).Required: Please identify and discuss two reasons to justify the importance of AASB after the adoption of the accounting standards issued by the IASB. (5 Marks)

Accounting Standards are formulated by a Planning Commission b Institute of Chartered Accountants of India c The Companies Act, 1956 d Ministry of Finance, GOI