With Regard to Disclosures Required Under IFRS and ASPE, Which

question 74

Multiple Choice

With regard to disclosures required under IFRS and ASPE, which of the following statements is INCORRECT?

• A) IFRS requires separate disclosure of taxes on income.
• B) IFRS requires separate disclosure of interest received and paid and dividends received and paid.
• C) ASPE does not require reporting and explanation of the amount of cash and cash equivalents that have restrictions on their use.
• D) ASPE does not require separate disclosure of taxes on income.

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Definitions:

Traditional IRA

An individual retirement account allowing individuals to direct pre-tax income toward investments that can grow tax-deferred until withdrawals begin at age 59 1/2 or later.

Qualified Pension Plan

A retirement savings plan that meets specific requirements set forth by the IRS, providing tax advantages to both the employer and the employees.

Tax Consequence

The tax impact of any transaction, investment, or decision, influencing how much tax an individual or entity may owe or save.

Employer Contributions

Employer contributions refer to the amounts added by an employer to an employee's benefits or retirement savings accounts, such as a 401(k) plan, often matching the employee's contributions up to a certain percentage.