Certain Entities Will Be Allowed to Reduce the Level of Disclosure

question 48

Short Answer

Certain entities will be allowed to reduce the level of disclosure in their GPFR under the _____________ _____________regime.

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Definitions:

Formal Written Instrument

Refers to a legal document that formally records a transaction, agreement, or legal obligation between parties.

Credit

Amount entered on the right side of an account.

Notes Receivable

Financial assets representing amounts owed to a company, usually evidenced by a formal promissory note.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the company's operating cycle, whichever is longer.