Which Statement Concerning AASB 1053 Application of Tiers of Australian

question 6

Multiple Choice

Which statement concerning AASB 1053 Application of Tiers of Australian Accounting Standards is not true?

• A) Entities classed as Tier 1 will have their financial disclosure requirements increased.
• B) Entities classed as Tier 2 will have their financial disclosure requirements in relation to the accounting standards reduced.
• C) The reporting burden on the majority of disclosing Australian entities is reduced.
• D) In effect only publicly accountable entities will be required to report using full Australian accounting standards.

---

Definitions:

Flow of Work

The sequence and progression of tasks or activities within a project or operational process, aiming for efficient completion and productivity.

Tags

Keywords or terms assigned to pieces of information, such as digital documents, to facilitate searching and organization.

Labels

Tags or categories applied to items, data, or concepts, to identify, organize, or classify them within a system.

Database Table

A structure within a database used to organize and store data in rows and columns, allowing for easy data management, query, and manipulation.