AASB Elected Not to Adopt the IASB's Approach to Differential

question 19

Multiple Choice

AASB elected not to adopt the IASB's approach to differential reporting because of the:

• A) additional costs of training and education in preparing two sets of standards at professional and education level.
• B) burden placed on some subsidiaries to prepare financial information based on the requirements of full IFRSs for the purposes of the parent entity consolidation.
• C) loss of comparability across all types of Australian entities financial statements.
• D) all the given answers.

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Definitions:

Humanely

In a manner showing compassion or respect for beings capable of suffering.

Asylums

Historically, institutions for the care and treatment of individuals with mental illness, often characterized by poor conditions and treatments but have evolved into modern psychiatric hospitals with better care practices.

1500s

Refers to the 16th century, a period marked by significant historical events, explorations, and cultural developments in various parts of the world.

Monasteries

Religious communities or buildings where monks live, work, and worship, often secluded from the secular world.