Which of the Following Disclosures Are Required by AASB 108/IAS

question 5

Multiple Choice

Which of the following disclosures are required by AASB 108/IAS 8 for a voluntary change in accounting policy?

• A) The nature of the change.
• B) The reasons that applying the new accounting policy provides reliable and more relevant information.
• C) The amount of the adjustment relating to periods prior to those presented to the extent practicable.
• D) All of these disclosures are required.

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Definitions:

Scenario Planning

Identifies alternative future scenarios and makes plans to deal with each. In a fast-changing and unpredictable world, it is often necessary to have multiple scenarios for planning purposes.

Future Scenarios

Hypothetical or predictive models that outline possible events or developments based on current trends or conditions.

Alternative

A different option or choice available in a situation, offering a variation from the usual.

Management Function

The roles and actions performed by managers to plan, organize, lead, and control an organization’s activities.