Compliance with AASB accounting standards automatically results in meeting the Corporations Act requirements in relation to presenting a true and fair view in financial reports.

Question

Quizplus · Accepted Answer

Compliance with AASB accounting standards is necessary but not sufficient to ensure that financial reports present a true and fair view. Compliance with the Corporations Act requirements also requires judgment and professional skepticism by preparers and auditors.

Compliance with AASB Accounting Standards Automatically Results in Meeting the Corporations