Under IFRS, Both Revenues and Expenses and Other Income and Expenses

question 109

True/False

Under IFRS, both revenues and expenses and other income and expenses are reported as part of income from operations.

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Definitions:

Material Fact

A fact that is significant or essential to the issue or matter at hand, and if known, could influence an individual's decision in a transaction, contract, or legal case.

Reliance

The act of depending or counting on something or someone; in legal contexts, it often refers to actions taken based on the trust in a promise or statement by another party.

Good Faith

An honest intention to act without taking an unfair advantage over another party, often a principle in contract law.

Improper

Not according to the legal standards or rules; incorrect or inappropriate.