Though the AASB has developed a set of accounting standards which when applied allow entities to assert that their financial statements comply with IASB standards, there are a number of ways in which Australian standards differ from international standards. How many of these are such a way?
i. The AASB has continued to issue accounting standards where no IASB equivalent exists,e.g. AASB 1031 Materiality.
ii. Some Australian standards require more information to be disclosed than the equivalent IASB standard.
iii. Australian standards contain, where applicable, extra paragraphs relevant to entities in the public and not-for-profit sectors.
A) 0
B) 1
C) 2
D) 3

Question

Quizplus · Accepted Answer

All three points are ways in which Australian accounting standards (AASB) differ from international standards (IASB). The AASB issues standards where no IASB equivalent exists, requires more disclosures in some cases, and includes additional guidance for public and not-for-profit entities.

Though the AASB Has Developed a Set of Accounting Standards