Requirements Other Than Those in AASB 110 Regarding After-Reporting-Date-Events Include

question 53

Multiple Choice

Requirements other than those in AASB 110 regarding after-reporting-date-events include:

• A) AASB Framework requires that the financial statements fully reflect all financial impacts either through note disclosure or recognition in the financial statements of any events that occur up to the date of completion.
• B) The Corporations Law requirement that a company's directors must give details in their report of any matter or circumstance that has arisen since the end of the year that has significantly affected, or may significantly affect, the entity's operations or the result of those operations or state of affairs in future financial years.
• C) The Corporations Law regulations regarding the conduct of an audit requires auditors to qualify any set of financial statements that do not fully incorporate either in note disclosure or full recognition in the financial statements all events up to the signing of the audit report.
• D) AASB Framework requires that the financial statements fully reflect all financial impacts either through note disclosure or recognition in the financial statements of any events that occur up to the date of completion and The Corporations Law requirement that a company's directors must give details in their report of any matter or circumstance that has arisen since the end of the year that has significantly affected, or may significantly affect, the entity's operations or the result of those operations or state of affairs in future financial years.
• E) None of the given answers.

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Definitions:

Trade Fixture

An item that may be attached to a building or structure but is considered personal property because it is installed by a tenant for business purposes.

Principle Of Frustration

The legal doctrine that allows a contract to be discharged when an unforeseen event makes contractual obligations impossible, or would render the performance something radically different from that agreed upon.

Residential Tenancies

Legal agreements and regulations that govern the relationship between landlords and tenants in residential properties.

Statute

Written laws enacted by a legislative body at the national or local level.