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.

---

Definitions:

Warranty of Merchantability

A guarantee that a product will meet reasonable expectations of quality and performance.

Writing

A type of documentation that shows contractual intent and satisfies the statute of frauds requirement.

States Require

A phrase indicating that individual U.S. states may have specific legal requirements or regulations that must be followed.

Merchantability

A warranty implied by law that goods sold are fit for the ordinary purpose for which such goods are used.