After the issuance of the IFRS for SMEs, the AASB launched its Differential Reporting Project.

After the issuance of the IFRS for SMEs, the AASB launched its Differential Reporting Project. This introduced a regime that allows reporting entities with no public accountability (mainly large private companies) to adopt reduced disclosure requirements (Tier 2). Contrary to the actions of many countries around the world, the AASB chose not to endorse the IFRS for SMEs.Student A supports the view of the AASB in favour of a reduced disclosure regime and rejects the IFRS for SMEs as not appropriate for Australiai m the student ACan you please explain this?