Which statement concerning AASB 1053 Application of Tiers of Australian Accounting Standards is not true?
A) Entities classed as Tier 1 will have their financial disclosure requirements increased.
B) Entities classed as Tier 2 will have their financial disclosure requirements in relation to the accounting standards reduced.
C) The reporting burden on the majority of disclosing Australian entities is reduced.
D) In effect only publicly accountable entities will be required to report using full Australian accounting standards.

Question

Quizplus · Accepted Answer

AASB 1053 does not specify that entities classified as Tier 1 will have their financial disclosure requirements increased. Instead, it states that Tier 1 entities will be required to comply with the full set of Australian Accounting Standards.

Which Statement Concerning AASB 1053 Application of Tiers of Australian