Which of the following statements is correct about the controversial issues surrounding AASB 8?
A) The management approach adopted in AASB 8 was argued to put preparers' needs ahead of users' needs.
B) Despite the objections from different parties, all IASB board members at the time unanimously agreed that AASB 8 should replace AASB 114.
C) The European Parliament was not able to endorse AASB 8 due to strong oppositions from European countries.
D) The proponents of AASB 114 argued that AASB 8 contains too many mandatory disclosure requirements compared to AASB 114.

Question

Quizplus · Accepted Answer

The controversy surrounding AASB 8 was primarily related to the management approach adopted in the standard, which was perceived to prioritize preparers' needs over users' needs. Other objections included concerns over comparability and transparency of financial information. However, option B is not correct as there were some members who dissented when the standard was issued, and option C is also incorrect as AASB 8 was endorsed by the European Union. Option D is also incorrect as AASB 8 was criticized for not requiring sufficient disclosure in some areas.

Which of the Following Statements Is Correct About the Controversial