Which statement is incorrect?
A) Under AASB 101, assets and liabilities must not be set-off unless set-off is permitted or required by another accounting standard
B) Between 1979 and 1999, there was no Australian accounting standard dealing specifically with the statement of financial position
C) Under AASB 101, there is no materiality override
D) None of the statements is incorrect

Question

Quizplus · Accepted Answer

Under AASB 101, there is a materiality override, which means that a company may depart from a mandatory requirement in the standard if the amount in question is not material.

Which Statement Is Incorrect