Under IFRS, an Expense Item Must Be Both Presented and Disclosed

question 47

True/False

Under IFRS, an expense item must be both presented and disclosed by nature and function.

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Definitions:

Supply

The total amount of a good or service available for purchase at any given price level in a market.

Technological Advance

Improvements or innovations in technology that enhance productivity, efficiency, or product quality.

Increase in Supply

A situation where the quantity of a good or service that producers are willing and able to sell, at a given price, rises.

Decrease in Supply

A situation where the quantity of a good or service that producers are willing to offer for sale at a given price level decreases.