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Though the AASB Has Developed a Set of Accounting Standards

question 58

Multiple Choice

Though the AASB has developed a set of accounting standards which when applied allow entities to assert that their financial statements comply with IASB standards, there are a number of ways in which Australian standards differ from international standards. How many of these are such a way?
i. The AASB has continued to issue accounting standards where no IASB equivalent exists,e.g. AASB 1031 Materiality.
ii. Some Australian standards require more information to be disclosed than the equivalent IASB standard.
iii. Australian standards contain, where applicable, extra paragraphs relevant to entities in the public and not-for-profit sectors.


Definitions:

Erotic Novel

A genre of literature that focuses on sexual love and relationships, often with explicit content.

Suggestive Descriptions

Narrative or descriptive language that implies or leads to a particular mental image or conclusion.

Explicit Descriptions

Detailed and clear statements or explanations that leave no room for confusion or ambiguity.

Paraphilia

Atypical sexual interests that may involve non-consenting partners, the experience of distress, or a risk of harm.

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