In Relation to Required Disclosures,AASB 119 Requires an Entity to Disclose

question 4

True/False

In relation to required disclosures,AASB 119 requires an entity to disclose the amount recognised as an expense for defined contribution plans.

---

Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a certain period of time.

Leakage

Any diversion of income from the domestic spending stream; includes saving, taxes, and imports.

Circular Flow

A model in economics that describes the movement of resources, goods and services, and money among different sectors in an economy.

Leakages-Injections Approach

An economic understanding and analysis of how savings, taxes, and imports (leakages) offset government spending, investments, and exports (injections) in the circular flow of income.