Both IFRS and GAAP Require Disclosure About

question 57

Multiple Choice

Both IFRS and GAAP require disclosure about

• A) accounting policies followed.
• B) judgements that management has made in the process of applying the entity's accounting policies.
• C) the key assumptions and estimation uncertainty.
• D) All of these answer choices are correct.

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Definitions:

Gain On Sale

The profit realized from the sale of assets when the selling price exceeds the book value of the asset sold.

Semiannual Interest

Interest that is computed and disbursed biannually, frequently associated with bonds and lending agreements.

Accrued Interest

Interest that has been incurred but not yet paid, accumulating on loans or bonds over time until payment is made.

Interest Receivable

The amount of interest that has been earned but not yet received in cash.