From January 2005, Australia has adopted the accounting standards issued by the International Accounting Standard Board...

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From January 2005, Australia has adopted the accounting standards issued by the International Accounting Standard Board (IASB). As a result, the role and functions of the Australian Accounting Standards Board (AASB) has changed since 2005. Discuss 1) one major change in the functions of the AASB, and 2) the importance of the AASB (providing two justifications) after the adoption of the accounting standards issued by the IASB. From January 2005, Australia has adopted the accounting standards issued by the International Accounting Standard Board (IASB). As a result, the role and functions of the Australian Accounting Standards Board (AASB) has changed since 2005. Discuss 1) one major change in the functions of the AASB, and 2) the importance of the AASB (providing two justifications) after the adoption of the accounting standards issued by the IASB.

Answer rating: 100% (QA)

Stepbystep Step 1 of 2 Answer is as follow Answer 1 The Major Changes are as follow Auditor Independence The AASB now upholds auditor independence whi... View the full answer