Australian Accounting Standards are exactly the same as the International Financial Reporting Standards (IFRS).

Question

Quizplus · Accepted Answer

While Australian Accounting Standards are largely based on the IFRS, they do have some minor differences and additional requirements specific to the Australian context. These differences are outlined in the Australian Accounting Standards Board's Reduced Disclosure Requirements, which allows certain entities to prepare financial statements using reduced disclosures in order to reduce the burden of compliance.

Australian Accounting Standards Are Exactly the Same as the International