Under IFRS, Which of the Following Disclosures Is NOT Required

question 46

Multiple Choice

Under IFRS, which of the following disclosures is NOT required for the correction of an accounting error?

• A) the amount of the correction made to each affected financial statement item for each prior period presented
• B) the nature of the error
• C) who was responsible for the error
• D) the effect of the correction on both basic and diluted earnings per share for each prior period presented

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Definitions:

Profit Margin Percentage

A financial metric that measures the amount of net income generated as a percentage of revenue.

Marketing Strategy

A business's overall plan for reaching potential consumers and turning them into customers of their products or services.

Target Market

A rephrased term for a specific segment of consumers identified as the intended recipients of a marketing message or campaign.

Market Segments

Market Segments are distinct groups of customers within a market who share similar characteristics and needs.