Elective Exemptions to Retrospective Application in First-Time Adoption of IFRS

question 13

Multiple Choice

Elective exemptions to retrospective application in first-time adoption of IFRS include all of the following except

• A)share-based payment transactions.
• B)deferred taxes.
• C)leases.
• D)employee benefits.

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Definitions:

Clear And Present Danger

A doctrine used to test whether limitations may be placed on First Amendment freedoms of speech, press, or assembly when the exercise of these rights presents an immediate danger.

Affirmative Action

Policies or measures that favor individuals belonging to groups known to have been discriminated against previously, often related to education and employment.

Future Sum

The amount of money or value to be received or paid at a specified date in the future.

Interest Rate

The fee, represented as a fraction of the initial sum, that a creditor levies on a debtor for asset utilization.