Which of the following statements relating to AASB 8 is not true?
A) It adopts a management approach
B) It applies to all for profit entities
C) Reconciliations are required for revenues, profit and loss and other material items
D) None; all of the statements are true

Question

Quizplus · Accepted Answer

AASB 8 does adopt a management approach and requires reconciliations for revenues, profit and loss, and other material items, but it does not apply to all for-profit entities. It specifically applies to entities that have publicly traded securities or that are in the process of issuing securities in public markets.

Which of the Following Statements Relating to AASB 8 Is