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.

• A) 0
• B) 1
• C) 2
• D) 3

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Definitions:

Recessive Inheritance

Pattern of inheritance in which a child receives identical recessive alleles, resulting in expression of a nondominant trait.

Dominant Inheritance

Pattern of inheritance in which, when a child receives different alleles, only the dominant one is expressed.

Polygenic Inheritance

The inheritance of traits that are determined by multiple genes, contributing to the phenotype in a cumulative or additive manner.

Dominant Inheritance

A pattern of genetic inheritance where only one copy of a gene from one parent is needed to express a certain trait, often overshadowing the other non-dominant gene.