Which statement is incorrect regarding the Corporations Act 2001?
A) the accounting standards are deemed to be part of the Corporations Act
B) financial reports must comply with the accounting standards
C) the accounting standards need not be complied with if, in the opinion of the board of directors, this would not result in a true and fair view
D) if the financial statements and notes prepared in compliance with accounting standards would not give a true and fair view, then additional information necessary to give a true and fair view must be included in the notes to the statements

Question

Quizplus · Accepted Answer

This statement is incorrect as the Corporations Act requires that financial reports must comply with the accounting standards. The board of directors cannot deviate from the accounting standards even if they believe it would not result in a true and fair view.

Which Statement Is Incorrect Regarding the Corporations Act 2001