Which of the following statements is correct about the controversial issues surrounding AASB 8/IFRS 8?
A) The management approach adopted in AASB 8/IFRS 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/IFRS 8 should replace AASB 114.
C) The European Parliament was not able to endorse AASB 8/IFRS 8 due to strong oppositions from European countries.
D) The proponents of AASB 114 argued that AASB 8/IFRS 8 contains too many mandatory disclosure requirements compared to AASB 114.

Question

Quizplus · Accepted Answer

The controversial issues surrounding AASB 8/IFRS 8 included debates about whether the management approach adopted in the standard prioritized preparers' needs over users' needs. Other issues included concerns about the level of detail required in disclosures and objections from European countries. However, it is not accurate to say that all IASB board members unanimously agreed to replace AASB 114 or that proponents of AASB 114 specifically objected to the mandatory disclosure requirements in AASB 8/IFRS 8.

Which of the Following Statements Is Correct About the Controversial