Which statement concerning AASB 1053 is untrue?
A) Its publication is meant to lessen the reporting burden on the majority of disclosing Australian entities.
B) Entities classed as Tier 1 will have their financial disclosure requirements increased.
C) Entities classed as Tier 2 will have their financial disclosure requirements in relation to the accounting standards reduced.
D) In effect only publicly accountable entities will be required to report using full Australian accounting standards.

Question

Quizplus · Accepted Answer

AASB 1053 is not designed to increase the financial disclosure requirements of Tier 1 entities, but rather to provide relief for Tier 2 entities.

Which Statement Concerning AASB 1053 Is Untrue