In adopting International Financial Reporting Standards (IFRSs),the Australian Accounting Standards Board (AASB)has:
A) embraced the IFRSs without change.
B) been disbanded as it is no longer required.
C) used the IFRSs only as a foundation for its own set of standards, and has identified where these own standards do not comply with IFRSs.
D) issued its own standards and "re-badged" them as AASBs.
E) None of the given answers.

Question

Quizplus · Accepted Answer

The AASB has issued its own standards, which are based on IFRSs, and these are referred to as AASBs. They are essentially "re-badged" versions of the IFRSs, adapted for the Australian context.

In Adopting International Financial Reporting Standards (IFRSs),the Australian Accounting Standards