Provide an analysis of how Commbank will comply with ASRS1 and ASRS2 for the 2024 financial year.
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Question:
Provide an analysis of how Commbank will comply with ASRS1 and ASRS2 for the 2024 financial year. (This may be considered as a first-time adoption of an accounting standard AASB 1.
More information on ASRS 2, please.
The AASB has issued an exposure draft in October 203 for ASRS 1 and ASRS 2. The expectation is for top-tier companies the AASB standards ASRS1 ASRS 2 will be required for the financial year 2024/2025.
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