Standards with the prefix IFRS/IAS:
A) Will require material to be added by the AASB to that which describes the scope and applicability of the standards in the Australian context.
B) Will be adopted in Australia without modification.
C) Are being implemented in Australia to simplify reporting for all entities and to reduce reporting costs.
D) Will not require Australian businesses to make any major alterations to their current accounting practices.
E) Will be adopted without change by the US to ensure accounting reports are globally comparable.

Question

Quizplus · Accepted Answer

IFRS/IAS standards require material to be added by the AASB to that which describes the scope and applicability of the standards in the Australian context.

Standards with the Prefix IFRS/IAS