The Reduced Disclosure Requirements implemented by the AASB in 2013 enable:
A) tier 1 entities to reduce the volume of disclosure notes to the financial statements.
B) all entities to reduce the number of financial statements produced.
C) tier 2 entities to reduce the volume of disclosure notes to the financial statements.
D) all entities to reduce the volume of disclosure notes to the financial statements.

Question

Quizplus · Accepted Answer

The Reduced Disclosure Requirements implemented by the AASB in 2013 enable tier 2 entities to reduce the volume of disclosure notes to the financial statements. Tier 1 entities continue to have more requirements for disclosure notes, and the reduction in disclosure requirements is not applicable to all entities, only to those identified as tier 2. Therefore, answer choices A, B, and D are incorrect.

The Reduced Disclosure Requirements Implemented by the AASB in 2013