IFRS Requires Specific Note Disclosures on Inventories That Are Disaggregated

question 83

True/False

IFRS requires specific note disclosures on inventories that are disaggregated into classifications such as merchandise, production supplies, work in process, and finished goods.

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Definitions:

Donee Beneficiary

A third party who benefits from a contract between two other parties, especially in the context of gifts or estates.

Gratuitous Assignment

An assignment or transfer of rights or property done voluntarily without receiving any value in return.

Irrevocable

Incapable of being taken back, undone, or cancelled, often used in the context of certain contracts, trusts, or offers.

Implied Warranties

Legal guarantees that are not explicitly stated but are assumed in transactions, indicating that a product will meet certain quality and reliability standards.