AASB 12 Disclosure of Interests in Other Entities Requires an Entity

question 82

Multiple Choice

AASB 12 Disclosure of Interests in Other Entities requires an entity to disclose for each of its subsidiaries that have non-controlling interests that are material to the reporting entity:

• A) summarised financial information about the subsidiary
• B) the profit or loss allocated to non-controlling interests of the subsidiary during the reporting period.
• C) accumulated non-controlling interests of the subsidiary at the end of the reporting period.
• D) All of the given answers are required to be disclosed.

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Definitions:

Direct Labor

Costs attributed to the work done by employees who are directly involved in the production of goods or services.

Conversion Cost

The combined expenses of direct labor and manufacturing overhead, representing the costs to convert raw materials into finished goods.

Product Cost

The total cost associated with manufacturing a product, including direct materials, direct labor, and manufacturing overhead.

Direct Materials

The raw materials that can be directly traced to the manufacturing process of a product.