Under International Financial Reporting Standards (IFRS) Companies Need Not Report

question 3

True/False

Under International Financial Reporting Standards (IFRS) companies need not report immaterial items within the body of the financial statements, but must disclose them in the notes or supplementary information that accompany the financial statements.

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Definitions:

Relatively Elastic

Describes a situation where the quantity demanded of a good or service greatly changes in response to changes in its price.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price level in a given period.

Coefficient

A numerical value that multiplies a variable in an equation, serving as a measure of some property or characteristic.

Price Elasticity

Refers to how sensitive the quantity demanded of a good is to a change in its price.