When Initial Application of an Australian Accounting Standard Has an Effect

question 45

Multiple Choice

When initial application of an Australian Accounting Standard has an effect on the current period or any prior period,would have such an effect except that it is impracticable to determine the amount of the adjustment,or might have an effect on future periods,an entity shall disclose:

• A) the title of the Australian Accounting Standard.
• B) the nature of the change in accounting policy.
• C) when applicable, a description of the transitional provisions.
• D) all of the given answers.

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Definitions:

Homozygous Dominant

A genetic condition where an individual has two dominant alleles of a particular gene, resulting in the expression of the dominant trait.

Homozygous Recessive

A genetic condition where an individual has two copies of a recessive allele for a particular trait.

Genetic Drift

A mechanism of evolution that involves random changes in the frequency of alleles within a population across generations.

Allele Frequencies

The proportion of all copies of a gene in a particular population that are of a given allele type.