The Disclosure Requirements of AASB 124 Include

question 11

Multiple Choice

The disclosure requirements of AASB 124 include:

• A) disclosure of the fair value of a transaction with a related party.
• B) restatement of the transaction to its fair value in the accounts of the entity.
• C) comparative transactions with non-related parties to form a basis for a fair value assessment by users of the accounts.
• D) none of the given answers.

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Definitions:

Natural Resource

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.