The order of preference set out in AASB 108 for reliance on authoritative pronouncements as a guide to selecting an accounting policy when there is no specific Australian standard is:
A) Related Australian Standards, International Accounting Standards, the Framework, accounting standards from other jurisdictions using a similar conceptual framework and accepted industry practices
B) Related Australian Accounting Standards, the definitions, recognition criteria in the Framework, accounting standards from other jurisdictions using a similar conceptual framework and accepted industry practices
C) Related Australian Standards and the Framework
D) None of the above

Question

Quizplus · Accepted Answer

AASB 108 states that, in the absence of a specific standard or interpretation, an entity should refer to the definitions and recognition criteria in the Framework and other applicable standards from other jurisdictions using a similar conceptual framework, as well as accepted industry practices. Therefore, the order of preference set out in AASB 108 for reliance on authoritative pronouncements as a guide to selecting an accounting policy when there is no specific Australian standard is Related Australian Accounting Standards, the definitions and recognition criteria in the Framework, accounting standards from other jurisdictions using a similar conceptual framework and accepted industry practices.

The Order of Preference Set Out in AASB 108 for Reliance