If there is a conflict between the provisions of the statements of accounting concepts and the requirements of the accounting standards:
A) the accounting standards prevail
B) the accounts must contain a note on the conflict
C) the AASB must rule on the conflict
D) the statements of accounting concepts prevail

Question

Quizplus · Accepted Answer

Accounting standards have legal force and must therefore be followed even if they conflict with the guidance provided in the statements of accounting concepts, which are only intended to provide a conceptual basis for accounting practice.

If There Is a Conflict Between the Provisions of the Statements