Which statement concerning Australian accounting standards is correct?
A) Current Australian accounting standards do not identify any particular categories of 'unusual' items for special disclosure in the income statement
B) Current Australian accounting standards require activities that are attributable to transactions or other events outside the ordinary activities of the entity to be disclosed separately
C) AASB 101 requires the separate disclosure of significant items
D) None of the above is correct

Question

Quizplus · Accepted Answer

Current Australian accounting standards require activities that are attributable to transactions or other events outside the ordinary activities of the entity to be disclosed separately. AASB 101 also requires significant items to be separately disclosed, but it does not require disclosure of any particular categories of unusual items in the income statement. Therefore, options A and C are incorrect.

Which Statement Concerning Australian Accounting Standards Is Correct