Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ifrss are now permitted or required by over 140 co

IFRSs are now permitted or required by over 140 countries. Except for countries that adopt...

90.2K

Verified Solution

Question

Accounting

IFRSs are now permitted or required by over 140 countries. Except for countries that adopt US GAAP, all developed economies now use IFRS. This has caused the IASB to focus on rolling out its IFRS for SMEs in developing economies and for unlisted companies more broadly. However, Australia did not adopt the IFRS for SMEs, preferring instead to institute its own approach in AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (March 2021). Explain why Australia did not adopt the IFRS for SMEs. Do you agree?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

Connecting to at least 2 facts for each theory compare Atkinson–Shiffrin three-stage model with Baddeley’s rehearsal systems...

Biology
1.2K views

This fingerprint was developed using which latent print developing technique

Statistics
1.2K views

A chemical technician measured the temperatures in C of 18 different solutions The temperatures are...

Calculus
1.2K views

3 x is y x C 15 Find the area shown below Hint The indefinite...

Algebra
1.2K views

Use a software program or a graphing utility with matrix capabilities to find the determinant...

Accounting
1.2K views

Requirements: 1- Prepare the depreciation schedule for the van for the 4 years including the...

Accounting
1.2K views

Question 9 of 15. Corporal Mark Josephson is domiciled in California and was...

Accounting
1.2K views

AutoSave on C in v 2023 Week Two Project Problem...

Finance
1.2K views

A company has revenue collections that are estimated to be as follows: 40% of sales...

Finance
1.2K views

3. Wolfrum Technology (WT) has no debt. Its assets will be worth $489 million one...

Finance
1.2K views

Consider the following spot interest rates for maturities of one, two, three, and four years....

Finance
1.2K views

Synovec Co. is growing quickly. Dividends are expected to grow at a rate of 22...