AASB 8 is more:
A) rules based.
B) cost based.
C) principles based.
D) profit based.

Question

Quizplus · Accepted Answer

AASB 8 is principles-based, meaning that it focuses on providing guiding principles and objectives for financial reporting, rather than strict rules or requirements. This allows for more flexibility and judgment in how companies report their financial information, while still ensuring transparency and relevance for users of the financial statements. AASB 8 does not have a focus on cost or profit, but rather on providing relevant information to stakeholders.

AASB 8 Is More