IAS 1 Requires,as a Minimum,certain Line Items to Be Included

question 27

Multiple Choice

IAS 1 requires,as a minimum,certain line items to be included on the face of the statement of financial position .Additional line items may be disclosed based on an assessment of:

• A)the nature and liquidity of assets.
• B)the functions of the assets within the entity.
• C)the amounts, nature and timing of liabilities.
• D)all of the given answers.

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Definitions:

Capitalize

To record a cost as an asset, rather than an expense, delaying the recognition of the expense over time through depreciation or amortization.

Trademarks

Distinctive signs or symbols used by a business to identify and differentiate its products or services from those of others.

Intangibles

Non-physical assets possessed by a business, such as patents, trademarks, and copyrights, which have value due to the rights or information they convey.

Indefinite Lives

An accounting classification for intangible assets that are not amortized because their economic benefits are expected to be realized over an unlimited or indeterminate period of time.