To Determine Whether or Not Information Is Material,paragraph 9 of AASB

question 69

Multiple Choice

To determine whether or not information is material,paragraph 9 of AASB 1031 indicates that it is material if its omission,misstatement or non-disclosure has the potential,individually or collectively to:

• A) affect the discharge of accountability by the governing body of the entity.
• B) be greater than 1% of the total assets of the entity.
• C) influence management to make decisions that will affect users of the financial report.
• D) present the financial report in a 'true and fair' manner.

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Definitions:

Inappropriate

Actions or behaviors that are not suitable or proper in a given context or situation, often violating social norms or expectations.

Empathic Responses

Reactions or responses that show an understanding of and sensitivity to another person's feelings or experiences.

Advanced

A term indicating a higher level of complexity, skill, or understanding in a particular area or field.

Factual Questions

Inquiries that seek definite, verifiable information based on facts and reality.