IFRS for SMEs Differ from Full IFRS in All of the Following

question 22

Multiple Choice

IFRS for SMEs differ from full IFRS in all of the following ways except:

• A) IFRS for SMEs require significantly fewer disclosures.
• B) Interim period reports need not be prepared when following IFRS for SMEs.
• C) Recognizing and measuring assets are simplified when following IFRS for SMEs.
• D) Segment reporting must be provided when following IFRS for SMEs.
• E) IFRS for SMEs do not require earnings per share to be reported.

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Definitions:

Substituted Contract

This is a legal agreement replacing an earlier contract, agreed upon by all parties involved, and discharging the original contractual obligations.

Obligee

The party in a contract or agreement who is entitled to receive a performance or benefit from the obligor.

Obligor

An individual or entity legally obliged to provide a payment or service to another party under the terms of a contract.

Delegation

The act of entrusting another person with responsibility and authority to perform a specific task or function that was originally one's own duty.