According to s. 224 of the ASIC Act 2001, accounting standards should result in financial information which has which of the following characteristics?
I. Allows users to make and evaluate decisions about allocating scarce resources.
II. Assists directors in discharging their obligations in relation to financial reporting.
III. Is relevant to assessing performance, financial position, financing and investment.
IV. Is readily understandable.
V. Facilitates comparability.
VI. Is relevant and reliable.
a. I, IV and VI only.
b. I, III, IV and VI only.
c. I, II, IV, V and VI only.
*d. all of the above.
Correct answer: d