Which One of the Following Statements on IFRS Is Not

question 29

Multiple Choice

Which one of the following statements on IFRS is not true?

• A)Total depreciation for the period must be disclosed for each major class of asset.
• B)The useful lives for each major class of asset must be disclosed.
• C)The depreciation rates for each major class of asset must be disclosed.
• D)An explanation for the change in accumulated depreciation must be disclosed for each major class of asset.

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Definitions:

Theoretical Abstractions

Concepts or models that simplify complex realities to facilitate understanding or analysis.

Economic Situation

The state of economic conditions and variables in a specific region or globally at a particular time, including factors like GDP growth, employment rates, inflation, and market stability.

Class

A system of ordering society whereby people are divided into sets based on perceived social or economic status.

Party

A political organization or group that seeks to achieve power within a governmental system, often united by shared ideologies or goals.