One Important Aim of Releasing AAS 24 in 1991 and Amendments

question 31

Multiple Choice

One important aim of releasing AAS 24 in 1991 and amendments made to The Corporations Law in the same year was to:

• A) Require parent entities to consolidate companies that they controlled into one set of financial statements for the first time.
• B) Change the treatment of minority interests to be reflected in the accounts as a liability.
• C) Prevent companies from keeping debt off the balance sheet by interposing partnerships or trusts in the group structure.
• D) Require the consolidation of the cash-flow statement as well as the balance sheet and income statement.
• E) None of the given answers.

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Definitions:

Culture

The shared patterns of behaviors, practices, beliefs, values, and artefacts that members of a society use to cope with their world and with one another.

Incestuous Relations

Sexual relationships between closely related individuals, which are often prohibited by law and social norms due to genetic and ethical concerns.

Children Under 18

Individuals who are legally recognized as minors and have not yet reached the age of majority, which is typically 18 years in many countries.

Percentage

A proportion or share in relation to a whole, represented as a fraction of 100.