Accountancy Readiness Test 1 Practice

Which organization created the Accounting Standards Council (ASC)?

BOA PICPA FRSC IASB

Correct Answer:

PICPA

Explanation:

In accounting practice, professional bodies often take the lead in developing and coordinating standards to keep financial reporting consistent. The Accounting Standards Council was created by the Philippine Institute of Certified Public Accountants, the main professional group for CPAs. PICPA organized the ASC to bring practitioners together to discuss, develop, and promote accounting standards for the country. This reflects how a professional association drives standard setting, rather than a regulatory licensing body or an international board. Over time, standard-setting responsibilities in the Philippines moved toward other structures, but the ASC’s origin lies with PICPA.

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