Examlex
Which of the following statements is false?
Minor Defects
Small or negligible flaws in a product or system that do not significantly impair its usability or functionality.
Major Defects
Significant flaws or imperfections in a product, property, or system that can affect its performance, value, or usability.
AASB 137
The Australian Accounting Standards Board's standard on Provisions, Contingent Liabilities, and Contingent Assets, which outlines how to account for and disclose these items in financial statements.
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