Standards with the prefix IFRS/IAS:
A) will require material to be added by the AASB to that which describes the scope and applicability of the standards in the Australian context.
B) will be adopted in Australia without modification.
C) are being implemented in Australia to simplify reporting for all entities and to reduce reporting costs.
D) will not require Australian businesses to make any major alterations to their current accounting practices.

Question

Quizplus · Accepted Answer

IFRS/IAS standards are international standards that are adopted in Australia without modification. However, the AASB may add material to the standards to describe their scope and applicability in the Australian context.

Standards with the Prefix IFRS/IAS