Which Statement Concerning AASB1053 Is Correct

question 60

Multiple Choice

Which statement concerning AASB1053 is correct?

• A) It is also referred to as the reduced disclosure requirements standard.
• B) All entities would be classified as Tier 1, Tier 2 or Tier 3.
• C) Entities classed as Tier 3 will have their financial disclosure requirements increased.
• D) The standard does not apply to not-for-profit private sector entities and most public sector entities.

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Definitions:

Communication Barriers

Obstacles or challenges that hinder effective exchange of information or understanding between individuals or groups.

Perceptual

Relating to the ability to interpret or become aware of something through the senses.

Impact

The effect or influence of one factor on another, which may refer to social, economic, environmental, or personal outcomes.

Environmental

Pertaining to the natural world or the ecological conditions that affect organisms and human societies.