Under IFRS, Companies Have a Choice on the Classification of Interest

question 152

Multiple Choice

Under IFRS, companies have a choice on the classification of interest received. Which of the following outlines the choice?

• A) Interest received must be included in operating activities.
• B) Interest received must be included in either operating or financing activities.
• C) Interest received must be included in either operating or investing activities.
• D) Interest received must be included in investing activities.

---

Definitions:

Constitution Act

A fundamental law outlining the principles of governance, the structure of government, and the rights of citizens within a country.

Charter of Rights

The Charter of Rights often refers to foundational documents that establish and protect the rights and freedoms of individuals within a specific jurisdiction, such as the Canadian Charter of Rights and Freedoms.

Discrimination

Unfair or prejudicial treatment of individuals or groups based on characteristics such as race, gender, age, or sexual orientation.

Human Rights Tribunals

Dedicated tribunals or entities tasked with resolving conflicts stemming from claims of breaches in human rights legislation.