Which of the Following Is Not a Disclosure Requirement of IASB

question 35

Multiple Choice

Which of the following is not a disclosure requirement of IASB (2011) Revenue from Contracts with Customers?

• A)progress billings in excess of costs incurred on construction contracts
• B)If control of an asset is transferred to a customer before the customer pays consideration this must be disclosed as a contract asset or receivable.
• C)If alternative descriptions are used in the statement of financial position sufficient information must be disclosed to the users to be able to distinguish between receivables and contract assets.
• D)The gross amount of work progress must be disclosed in the statement of financial position.

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Definitions:

Team Leaders

Individuals who are responsible for guiding, coordinating, and overseeing the performance of a team towards achieving specific goals.

Middle Managers

Middle managers are individuals who manage the work of first-level managers and report to the organization's top management, often playing a critical role in executing the company's strategic plans.

Organizing

The method of organizing tasks and resources to accomplish goals in an efficient and effective manner within an organization.

Planning

The process of developing strategies and making decisions about what will be done in the future to achieve specific goals.