Which of the following is/are true concerning the issue of accounting standards in Australia after internationalisation?
A) The AASB adds to proposed international standards material detailing their scope and applicability in Australia
B) The AASB adds material to broaden the content of international standards to cover the not-for-profit sector
C) After issuing an exposure draft for comment and considering the response, the AASB issues an Australian standard equivalent to the IASB standard
D) All of the statements are true

Question

Quizplus · Accepted Answer

The Australian Accounting Standards Board (AASB) adapts international standards for local application, which includes adding material to clarify scope and applicability in Australia, broadening content to cover sectors like not-for-profit that may not be fully addressed in the international standards, and issuing Australian equivalents to IASB standards after a process of exposure drafts and public comment.

Which of the Following Is/are True Concerning the Issue of Accounting