Under International Financial Reporting Standards (IFRS) Companies Must Consider Both

question 65

True/False

Under International Financial Reporting Standards (IFRS) companies must consider both quantitative and qualitative factors in determining whether an item is material.

---

Definitions:

Attention

The cognitive process of selectively concentrating on one aspect of the environment while ignoring other things.

Interest

The cost of borrowing money, typically expressed as a percentage of the amount borrowed, or the attention and curiosity about a topic.

Desire

A strong feeling of wanting to have something or wishing for something to happen.

Three-step Writing Process

A structured approach to writing that includes planning, drafting, and revising to enhance clarity and effectiveness.