AASB 101 Requires a Summary of Significant Accounting Policies to Be

question 44

True/False

AASB 101 requires a summary of significant accounting policies to be included in the director's report that accompanies the financial statements.

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Definitions:

Deferred Method

A method of accounting where certain revenues or expenses are not recognized in the period they occur but are deferred to a later period.

Asset/Liability Method

An accounting technique used for measuring the deferred tax liabilities and assets by considering the temporary differences between the accounting and tax values of assets and liabilities.

Deferred Tax Liability

A tax obligation that a company owes but is not required to pay until a future date, often due to timing differences between accounting practices and tax laws.