Accounting Standard AASB 1053 Application of Tiers of Australian Accounting

question 40

Multiple Choice

Accounting standard AASB 1053 Application of Tiers of Australian Accounting Standards will become mandatory from:

• A) 2011.
• B) 2012.
• C) 2013.
• D) 2014.

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Definitions:

Inflation Rate

The percentage increase in the price level of goods and services in an economy over a period of time, indicating how prices are rising on average.

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, often used to indicate inflation.

Inflation Rate

The percentage rate of increase in the price level of goods and services in an economy over a period of time.

Technological Change

The overall process of invention, innovation, and diffusion of technology or processes.