Under International Financial Reporting Standards (IFRS) Notes to the Financial

question 109

Multiple Choice

Under International Financial Reporting Standards (IFRS) notes to the financial statements

• A) Must be quantifiable.
• B) Must qualify as an element.
• C) Amplify or explain items presented in the main body of the financial statements.
• D) All of the choices are correct regarding notes to the financial statements.

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Definitions:

Minimum Wage Law

Legislation establishing the lowest hourly wage that employers can legally pay their workers.

Unconstitutional

Something that does not conform to the principles or rules set out in a country's constitution, rendering it invalid or unenforceable.

Kelo v. City of New London

A U.S. Supreme Court case deciding on the use of eminent domain to transfer land from one private owner to another to further economic development.

Takings Clause

A clause within the Fifth Amendment to the U.S. Constitution that bars the government from appropriating private land for public benefit without providing adequate payment.