According to AASB 102 Material Information Relating to Which of the Following

question 48

Multiple Choice

According to AASB 102 material information relating to which of the following must be disclosed?

• A) The carrying amount of closing inventories included in equity accounted profits.
• B) The carrying amount of inventories classified as non-current assets.
• C) The aggregate amount of inventory recorded at recoverable amount.
• D) The carrying amount of inventories revalued upwards as at the end of the period.
• E) None of the given answers.

---

Definitions:

Statute of Frauds

A legal principle that requires certain types of contracts to be executed in writing and signed by the party to be charged.

Promissory Estoppel

The legal enforcement of an otherwise unenforceable contract due to a party’s detrimental reliance on the contract.

English Rule

A legal principle where the losing party in a lawsuit is required to pay the winning party's legal costs.

American Rule

A legal principle stating that each party in a lawsuit typically pays their own attorney's fees, regardless of who wins.