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:

American

Pertaining to the United States of America or its inhabitants.

Peruvian

Pertaining to Peru or its people, culture, or customs.

Collectivism

Emphasizing values that serve the group by subordinating personal goals to preserve group integrity, interdependence of members, and harmonious relationships.

Group Integrity

The cohesion and unity within a group, often referring to the members' sense of belonging and mutual support within the collective.