Which Statement Concerning AASB 1053 Is Untrue

question 62

Multiple Choice

Which statement concerning AASB 1053 is untrue?

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

---

Definitions:

Stratospheric Ozone

A layer of ozone molecules located in the Earth's stratosphere, protecting life by absorbing most of the sun's harmful ultraviolet radiation.

UVB

Ultraviolet B light, a component of sunlight with wavelengths between 280-315 nm, known for its role in vitamin D synthesis and skin tanning.

CFCs

Chlorofluorocarbons, compounds that were widely used as refrigerants and aerosol propellants but are harmful to the ozone layer.

Sulfur Oxides

Compounds formed from the combination of sulfur and oxygen, often produced by burning fossil fuels, and are significant contributors to pollution and acid rain.