Which of the Following Statements Relating to AASB 8 Is

question 17

Multiple Choice

Which of the following statements relating to AASB 8 is not true?

• A) It adopts a management approach
• B) It applies to all for profit entities
• C) Reconciliations are required for revenues, profit and loss and other material items
• D) None; all of the statements are true

---

Definitions:

Illusory Contract

A contract that appears to be binding but does not actually commit one or more parties to an actionable obligation.

Defame

To damage someone's reputation through false or unjustified statements.

Preexisting Obligation

An obligation that already exists before a certain action is taken or an agreement is made, often relevant in contract law.

Under Seal

denotes a formal legal process or document that has been officially sealed, indicating confidentiality or authenticity.