Which of the Following Statements Is Not in Accordance with IAS

question 27

Multiple Choice

Which of the following statements is not in accordance with IAS 24 Related Party Disclosures?

• A)A related-party transaction is a transfer of resources, services or obligations between related parties, regardless of whether a price is charged.
• B)If there have been transactions between related parties, an entity shall disclose the nature of the related party relationship as well as information about the transactions and outstanding balances necessary for an understanding of the potential effect of the relationship on the financial statements.
• C)Transactions between the reporting entity and its key management personnel are deemed material.
• D)In IAS 24 Related Party Disclosures, two entities having a director in common are assumed related parties.

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Definitions:

Long White Gloves

An item of formal attire or costume, usually extending up to the elbows or higher, often associated with elegance, fashion, and ceremonial events.

Motivational Research

A type of market research that examines the underlying emotional and psychological reasons behind consumer behavior.

Motivational Research

A type of marketing research that aims to understand the underlying drives and motives behind consumer attitudes and behaviors.

Freudian Ideas

Concepts and theories developed by Sigmund Freud that focus on the unconscious mind, psychosexual stages, and the influence of childhood experiences on adult behavior.