Under International Financial Reporting Standards (IFRS)

question 148

Multiple Choice

Under International Financial Reporting Standards (IFRS)

• A) The cash-basis method of accounting is accepted.
• B) Events are recorded in the period in which the event occurs.
• C) Interim period financial statements are either a calendar year or a fiscal year.
• D) A fiscal year is an accounting time period encompassing less than 12 months.

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Definitions:

Unilateral Mistake

A situation in contract law where only one party is mistaken about a basic assumption on which a contract is made, which can impact the enforceability of the contract.

Mistake

An incorrect belief or understanding regarding a fact, judgment, or event that can affect the validity of a contract.

Avoidance

The legal process or action taken to nullify or declare a transaction void, preventing its enforcement.

Duress

involves the use of force, threat, or coercion to compel someone to act against their will or judgment.