Which statement concerning AASB1053 is true?
A) All entities would be classified as Tier 1, Tier 2 or Tier 3.
B) It is sometimes referred to as the reduced disclosure requirements standard.
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 sometimes referred to as the reduced disclosure requirements standard, as it provides entities with the option to comply with reduced disclosure requirements based on their tier classification. The other statements are incorrect as entities can also be classified as Tier 4, there is no requirement for Tier 3 entities to increase their financial disclosure requirements, and the standard applies to most entities, including not-for-profit private sector and public sector entities.

Which Statement Concerning AASB1053 Is True