AASB 108 requires that the choice of accounting policies should result in financial statements that contain relevant and reliable information and are ________ and ________.

Question

Quizplus · Accepted Answer

AASB 108 requires financial statements to be comparable and understandable, which means that they should be presented in a way that allows for meaningful comparisons with other periods or entities, and that the information provided should be clear and understandable to the users of the financial statements. While neutrality and timeliness are important qualities of financial reporting, they are not specifically required by AASB 108. Faithful representation and verifiability are also important qualities of accounting information, but they are not listed as specific requirements of AASB 108.

AASB 108 Requires That the Choice of Accounting Policies Should