Which set of accounting standards did Australia adopt in recent years?
A)AAS standards.
B)International accounting standards.
C)GAAP.
D)US standards.

Question

Quizplus · Accepted Answer

In recent years, Australia has adopted International Financial Reporting Standards (IFRS), also known as International Accounting Standards, as its accounting standards. This move towards international standards brings Australia’s financial reporting requirements in line with other major economies and promotes consistency and comparability in financial reporting.

Which Set of Accounting Standards Did Australia Adopt in Recent