With Respect to Loans Made to a Related Party,which of the Following

question 29

Multiple Choice

With respect to loans made to a related party,which of the following statements is correct in accordance with AASB 124?

• A) The details of each aggregate of loans made to key management personnel and their related parties must be disclosed.
• B) The details of each aggregate of loans made to a key management person and their related parties whose loan exceeded $100 000 at any time during the period must be disclosed.
• C) The details of material loans made to key management personnel and their related parties must be disclosed.
• D) The details of each aggregate of loans made to key management personnel and their related parties, and the details of each aggregate of loans made to a key management person and their related parties whose loan exceeded $100 000 at any time during the period must be disclosed.

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Definitions:

Qualities

Inherent or distinctive characteristics or attributes of a person, object, or process.

Custodial Parent

A parent who has been given physical and/or legal custody of a child by a court of law.

Single-Parent Households

Family units headed by one adult, navigating the complexities of raising children alone.

Advantages

Benefits or favorable factors that contribute to success or the achievement of an objective.