AASB 1048 Interpretation and Application of Standards Contains The

question 15

Multiple Choice

AASB 1048 Interpretation and Application of Standards contains the:

• A) IFRS interpretations approved by the AASB.
• B) UIG interpretations approved by the IASB.
• C) IFRS interpretations approved by the IASB.
• D) UIG interpretations approved by the AASB.

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Definitions:

Guidelines

Recommended principles or practices that serve as a framework or advice for conduct or action.

Tangible Gain

A clear and measurable benefit or advantage, often of a financial nature.

Utilitarianism

An ethical theory suggesting that the best action is the one that maximizes utility, usually defined as that which produces the greatest well-being of the greatest number of people.

Ethical Dilemmas

Ethical Dilemmas are situations in which a person has to choose between two options, neither of which resolves the situation in an ethically acceptable manner.