The directors of an Australian company, Orange Ltd, have formed a view that compliance with a particular AASB standard will mean the company’s financial statements will not provide a true and fair view which is contrary to the Corporations Act.

a) Advise the directors how this problem can be resolved when preparing the company’s financial statements in accordance with AASB 101.

b) Discuss any seven of the overall considerations to be applied in the presentation of financial statements of Orange Ltd.

Answer rating: 100% (QA)

complete solution is given below Ans A Orange ltd will not follow the AASAB 101 standard because it will not depict the true and fair situation of the company and it will also mention the reason in th... View the full answer