Since 1 January 2005,the Australian Accounting Standards Board's conceptual framework consists of:
A) The IASB's Framework for the Preparation and Presentation of Financial Statements
B) SAC 1: Definition of the Reporting Entity
C) SAC 2: Objectives of General Purpose Financial Reporting
D) All of the given options are correct.

Question

Quizplus · Accepted Answer

Since 1 January 2005, the Australian Accounting Standards Board's conceptual framework has consisted of all the options given. The IASB's Framework for the Preparation and Presentation of Financial Statements provides the overarching framework, while SAC 1 provides guidance on identifying reporting entities and SAC 2 outlines the objectives of general purpose financial reporting. Therefore, all the given options are correct.

Since 1 January 2005,the Australian Accounting Standards Board's Conceptual Framework