Standards with the Prefix IFRS/IAS

question 15

Multiple Choice

Standards with the prefix IFRS/IAS:

• A) Will require material to be added by the AASB to that which describes the scope and applicability of the standards in the Australian context.
• B) Will be adopted in Australia without modification.
• C) Are being implemented in Australia to simplify reporting for all entities and to reduce reporting costs.
• D) Will not require Australian businesses to make any major alterations to their current accounting practices.
• E) Will be adopted without change by the US to ensure accounting reports are globally comparable.

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Definitions:

Consideration

In contract law, it refers to something of value exchanged between parties as part of an agreement.

Legally Sufficient Value

A value, consideration, or benefit that is recognized by law as adequate to support a binding contract.

Preexisting Duty

An obligation or duty that already exists under a contract, and performing it, therefore, does not constitute consideration for a new promise.

Law

Rules devised and applied by institutions of society or the government to modulate behavior.