In 2005,Australia adopted which set of accounting standards?

Question

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In 2005, Australia adopted the International Financial Reporting Standards (IFRS) as its accounting standards. These are a set of accounting standards developed and maintained by the International Accounting Standards Board (IASB) and are used in many countries around the world. Choice A (AAS) refers to Australian Accounting Standards, which were used prior to the adoption of IFRS. Choices C and D (GAAP and US standards) are not applicable as they are accounting standards used in the United States.

In 2005,Australia Adopted Which Set of Accounting Standards