Which of the following statements is incorrect?
A) The concise report must comply with the accounting standards.
B) Shareholders who receive a concise report can request a full report.
C) AASB 1039 Concise Financial Reports has an equivalent international standard.
D) Except for concise reports prepared for listed companies each financial statement must be accompanied by some discussion and analysis.

Question

Quizplus · Accepted Answer

AASB 1039 Concise Financial Reports does not have an equivalent international standard. The Australian Accounting Standards Board (AASB) standards are specific to Australia, and while they often align with International Financial Reporting Standards (IFRS), not all AASB standards have direct international equivalents.

Which of the Following Statements Is Incorrect