When initial application of an Australian Accounting Standard has an effect on the current period or any prior period,would have such an effect except that it is impracticable to determine the amount of the adjustment,or might have an effect on future periods,an entity shall disclose:
A) the title of the Australian Accounting Standard.
B) the nature of the change in accounting policy.
C) when applicable, a description of the transitional provisions.
D) all of the given answers.

Question

Quizplus · Accepted Answer

According to the given information, when there is an initial application of an Australian Accounting Standard that has an effect on the current or prior period, or might affect future periods, an entity must disclose the title of the standard, the nature of the change in accounting policy, and a description of the transitional provisions (if applicable). Therefore, option D is the correct choice as it includes all the three required disclosures.

When Initial Application of an Australian Accounting Standard Has an Effect