AASB 102 Requires Disclosure of Which of the Following? I

question 20

Multiple Choice

AASB 102 requires disclosure of which of the following? I. The carrying amount of inventories by class.
II. The accounting policy adopted by the entity in relation to inventories valuation.
III. Separate disclosure of the carrying amount of inventories carried at cost and those carried at net realisable value.
IV. Details of reversals of prior year write-downs.

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

---

Definitions:

Mistake Of Law

An error arising from misunderstanding or ignorance of legal principles, which can affect the validity of a contract.

Legal Actions

Legal actions are formal steps taken within the judicial system to enforce or defend rights, often involving lawsuits or proceedings in court.

Duress

A situation where an individual performs an act as a result of violence, threat, or other pressure against them.

Economic Duress

Refers to a situation where one party compels another to agree to a contract under threats or pressure that deprive the victim of their free will.