Though the AASB Has Developed a Set of Accounting Standards

question 58

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,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.

• A) 0
• B) 1
• C) 2
• D) 3

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Definitions:

Public Advocacy

The act of promoting or defending a cause, principle, or policy in the public arena.

Social Action

Acts carried out by individuals or groups with the intention of changing or influencing social conditions or policies.

Lobbying

The activity of attempting to influence decisions made by officials in the government, often by special interest groups or professional lobbyists.

Action Research Cycle

A reflective process of progressive problem-solving led by individuals working with others in teams, as part of a "community of practice" to improve the way they address issues and solve problems.