IAS 2 Requires Separate Disclosure Of

question 22

Multiple Choice

IAS 2 requires separate disclosure of:

• A) where there has been abnormal wastage which has been expensed;
• B) details of inventory pledged as security for loans;
• C) interest costs which have been capitalised into the cost of inventory;
• D) details of key terms of purchase.

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Definitions:

Negligent

Failing to take proper care in doing something, resulting in damage or harm to another person.

Employer

An individual or organization that hires and pays people to work on its behalf, usually in return for a salary or wages.

Age Discrimination in Employment Act

A U.S. federal law that aims to protect job applicants and employees 40 years of age and older from discrimination based on age in hiring, promotion, discharge, compensation, or terms, conditions, or privileges of employment.

Bona Fide Seniority System

A bona fide seniority system is a legal mechanism within an organization that allows for employee benefits and opportunities based on the length of service, accepted as legitimate if it is not intended to discriminate.