The Definition of Related Parties Under AASB 124 Excludes Entities

question 75

Multiple Choice

The definition of related parties under AASB 124 excludes entities (other than those specified earlier in the relevant paragraph) where the related-party relationship:

• A) is a relationship formed more than 5 years prior to the current reporting period.
• B) results solely from normal dealings of local governments.
• C) is a commonly known and transparent link between entities in the public sphere.
• D) is based on a relationship to the directors through marriage only.

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Definitions:

1980s

The decade spanning from January 1, 1980, to December 31, 1989, characterized by significant political, technological, and cultural changes worldwide.

Life Expectancy

The average period that an individual is expected to live, based on statistical averages of age, nationality, and other factors.

Census Data

Statistical information collected through the systematic enumeration of a population, including demographics, employment, and housing.

60s Scoop

Refers to the practice, primarily in Canada during the 1960s, of removing Indigenous children from their families and communities for placement in foster homes or adoption by primarily white families.