The Disclosure Requirements of IAS 24 Are Grouped in Part

question 44

Multiple Choice

The disclosure requirements of IAS 24 are grouped in part by:

• A)currency of transaction-transactions should be grouped by currency of the transaction so that users can identify any forex risk associated.
• B)size-three broad categories of disclosure are required depending on the percentage size of the transaction relative to the turnover of the entity.The categories are 0.5 per cent-9 per cent, 10 per cent-20 per cent, 21 per cent and over.
• C)frequency-transactions repeated during the period are distinguished from one-off transactions.
• D)subsidiaries, associates-joint venturers in which the entity is a joint venturer.

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Definitions:

Quantity Demanded

The amount of a product that buyers are willing and able to purchase at a given price.

Excess Supply

The situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price.

Price

is the amount of money required to purchase a good or service, serving as the exchange rate between money and the good or service.

Quantity Supplied

Quantity Supplied refers to the amount of a good or service that producers are willing and able to sell at a given price.