Which of the Following Disclosures Are Required Under AASB 15/IFRS15

question 2

Multiple Choice

Which of the following disclosures are required under AASB 15/IFRS15?
I. The accounting policies adopted for revenue recognition.
II. Total income, allocated between revenue and other gains.
III. The amount of revenue arising from exchanges of goods and services.
IV. The amount of each significant category of revenue recognised during the period.

• A) I and II only.
• B) I, II and III only.
• C) I, III and IV only
• D) I, II, III and IV.

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Definitions:

Smooth Transition

The seamless or uninterrupted move from one part, condition, or moment to another, often used in speaking, writing, or multimedia presentations.

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Digital records or declarations, often related to financial accounts, policies, or personal beliefs, accessible through the internet.

Underprivileged Children

Young individuals who lack access to basic needs, privileges, and opportunities commonly available to others in society.