Which of the Following Statements Is NOT Correct

question 15

Multiple Choice

Which of the following statements is NOT correct?

• A)AASB 1053 Application of Tiers of Australian Accounting Standards requires 'Tier 2' entities to apply reduced disclosure requirements.
• B)The IASBs Conceptual Framework identifies capital providers as a primary user group of general purpose financial reports.
• C)All general purpose financial reports are prepared in accordance with accounting standards.
• D)SAC 1 Definition of the Reporting Entity defines a general purpose financial report as "a report intended to meet the information needs of users who are unable to command the preparation of reports tailored to satisfy their information needs".

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Definitions:

Continental Rifting

The process by which the Earth's crust stretches, breaks, and eventually forms a new ocean basin, often associated with divergent plate boundaries.

Transform Faults

A type of fault where two tectonic plates slide past each other horizontally, commonly found at the boundaries of tectonic plates.

Intrusions

Geological features formed when magma cools and solidifies before reaching the surface, creating bodies of igneous rock.

Mid-Ocean Ridges

Underwater mountain ranges formed by plate tectonics, where new oceanic crust is generated from upwelling magma.