In AASB 124 Related Party Disclosures,two Entities Having a Director

question 28

True/False

In AASB 124 Related Party Disclosures,two entities having a director in common are assumed related parties.

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Definitions:

Principal's Liability

Legal responsibility of the principal for the acts of their agent that are carried out within the scope of the agent's authority.

Tort

A legal term for a civil wrong or breach of duty to another person, resulting in loss or harm, and subject to compensation or legal remedy.

Criminal Act

An action or omission that constitutes an offense that may be prosecuted by the state and is punishable by law.

Exculpatory Clauses

Contractual provisions that release one party from liability for wrongdoing towards another, often found in service agreements.