Which statement concerning AASB1053 is correct?
A) It is also referred to as the reduced disclosure requirements standard.
B) All entities would be classified as Tier 1, Tier 2 or Tier 3.
C) Entities classed as Tier 3 will have their financial disclosure requirements increased.
D) The standard does not apply to not-for-profit private sector entities and most public sector entities.

Question

Quizplus · Accepted Answer

AASB1053 is also referred to as the reduced disclosure requirements standard.

Answer: B
 All entities would be classified as Tier 1, Tier 2, or Tier 3 under AASB1053.

Answer: D
 The standard does not apply to not-for-profit private sector entities and most public sector entities. Therefore, statement C is incorrect as entities classed as Tier 3 would have reduced financial disclosure requirements.

Which Statement Concerning AASB1053 Is Correct