On the Disposal of a Foreign Operation,AASB 121 Prescribed That

question 36

True/False

On the disposal of a foreign operation,AASB 121 prescribed that the cumulative amount of the exchange differences deferred in equity be reclassified to retained earnings.

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Definitions:

Legal System

The comprehensive framework of rules, regulations, practices, and institutions that govern how laws are enacted, interpreted, and enforced in a specific jurisdiction.

Socialist Legal System

A type of legal system often found in socialist states where the law is used as a tool to effect social change and uphold the ownership and distribution means by the community as a whole.

Foreign Corrupt Practices Act

A U.S. law that prohibits companies and their individuals from bribing foreign officials to gain a business advantage.

Bribes

Payments or gifts given with the intention of influencing the actions of an individual in a position of power or authority.