Both IFRS and GAAP Require Disclosure About

question 64

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 the above.

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Definitions:

Generated Revenue

The total amount of income produced from the sale of goods, services, or other capital activities within a given period.

Service Delivered

The act of providing a service to customers, encompassing everything from the initial offer to the end-user experience.

Profits Realized

The net income a company earns after all expenses, taxes, and costs have been deducted from total revenue, reflecting actual financial gain.

Dependability

The quality of being trustworthy and reliable, especially in delivering services or products.