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.

Question

Quizplus · Accepted Answer

The Australian Accounting Standards Board (AASB) has adopted International Financial Reporting Standards (IFRSs) by issuing its own standards, which are essentially the IFRSs but with additional disclosures or modifications for the Australian context, and these are referred to as AASBs.

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