Which of the following statements is not correct?
A) All entities eligible to apply the reduced disclosure requirements under Australian Accounting Standards are exempt from having to prepare consolidated financial statements.
B) The AASB has inserted additional Australian specific paragraphs into IFRS 10 to provide relief for certain entities who apply the reduced disclosure requirements from having to prepare consolidated financial statements.
C) The AASB has inserted additional Australian specific paragraphs into IFRS 10 to require reporting entities to apply the requirements of IFRS 10.
D) All listed entities are required to apply IFRS 10.

Question

Quizplus · Accepted Answer

Entities eligible for reduced disclosure requirements are not automatically exempt from preparing consolidated financial statements; they must still comply with IFRS 10 unless specific exemptions apply.

Which of the Following Statements Is Not Correct