If an Entity Receives Information After End of Reporting Period

question 22

Multiple Choice

If an entity receives information after end of reporting period that one of its assets was impaired at end of reporting period by a material amount it must:

• A) adjust the amounts recognised in the financial statements to reflect the impairment;
• B) notify all shareholders in writing;
• C) disclose the impairment in the notes but not recognise the amount in the financial statements;
• D) include the impairment loss as a contingent liability.

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Definitions:

Estrogen

A group of steroid hormones which play a critical role in sexual and reproductive development, primarily in women, but also has important functions in men.

Hypothalamus

A region of the brain responsible for producing hormones that regulate body temperature, hunger, moods, release of hormones from many glands, especially the pituitary.

Cerebral Cortex

The outer layer of the cerebrum in the brain, involved in many complex brain functions including memory, attention, perception, cognition, awareness, thought, language, and consciousness.

Estrus

In mammals, the period in the cycle when the female is sexually receptive (in heat).