In the absence of an Australian accounting standard specifically applying to a transaction,accounting policies must be selected on the basis that they provide relevant and reliable information to users of the financial report.

Question

Quizplus · Accepted Answer

According to AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, in the absence of an Australian accounting standard specifically applying to a transaction, accounting policies must be selected based on their relevance and reliability in providing information to users of the financial report.

In the Absence of an Australian Accounting Standard Specifically Applying