Which of the Following Is Not a Disclosure Requirement of IASB

question 35

Multiple Choice

Which of the following is not a disclosure requirement of IASB (2011) ?

• A) progress billings in excess of costs incurred on construction contracts
• B) If control of an asset is transferred to a customer before the customer pays consideration this must be disclosed as a contract asset or receivable.
• C) If alternative descriptions are used in the statement of financial position sufficient information must be disclosed to the users to be able to distinguish between receivables and contract assets.
• D) The gross amount of work progress must be disclosed in the statement of financial position.

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Definitions:

Joint Actions

Activities or operations carried out by two or more parties working together towards a common goal.

Symbolic Interaction

A theory that examines society through the lens of individual and group interactions, emphasizing the roles of symbols and language in social life.

Socialization

The process by which individuals learn and internalize the values, beliefs, norms, and social skills necessary to participate as functioning members of their society.

Role Distancing

A behavior or strategy whereby an individual separates themselves from the role they are expected to play, indicating a divergence between behavior and true belief or identity.