Though the AASB Has Developed a Set of Accounting Standards

question 56

Multiple Choice

Though the AASB has developed a set of accounting standards which when applied allow entities to assert that their financial statements comply with IASB standards,there are a number of ways in which Australian standards differ from international standards.How many of these are such a way?
i.The AASB has continued to issue accounting standards where no IASB equivalent exists,

• A)0
• B)1
• C)2
• D)3
• E)g.AASB 1031 Materiality. ii.Some Australian standards require more information to be disclosed than the equivalent IASB standard.
• iii.Australian standards contain,where applicable,extra paragraphs relevant to entities in the public and not-for-profit sectors.

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Definitions:

Fascist

Pertaining to or advocating for a form of far-right, authoritarian ultranationalism characterized by dictatorial power, suppression of opposition, and strong regimentation of society and the economy.

Democracy

A political system characterized by citizen participation in the political process.

Anarchy

A state of society without government or law, where there is no centralized authority, often implying disorder due to the absence of government control.

Autocracy

A form of government where power is concentrated in the hands of a single individual or a small group, without significant input from citizens.