Under International Financial Reporting Standards (IFRS) Companies Need Not Report

question 3

True/False

Under International Financial Reporting Standards (IFRS) companies need not report immaterial items within the body of the financial statements, but must disclose them in the notes or supplementary information that accompany the financial statements.

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Definitions:

Free Flow

The unrestricted movement or circulation of goods, services, people, and information within a system or area.

Goods and Services

Products and activities provided by businesses to satisfy the needs or wants of consumers.

Joint Venture Partners

Entities that come together to engage in a specific business venture, sharing both the profits and risks.

Customer Needs

Represents the desires or requirements of consumers that businesses aim to fulfill with their products or services.