Which of the Following Disclosure Are Required by IFRS 15

question 18

Multiple Choice

Which of the following disclosure are required by IFRS 15?
I) Total income, allocated between revenue and other gains
II) qualitative and quantitative information about contracts with customers
III) qualitative and quantitative information about any assets recognised from the costs to obtain or fulfil a contract with a customer
IV) the opening and closing balances of receivables, contract assets and contract liabilities from contracts with customers, if not otherwise separately presented or disclosed

• A) I and II only
• B) II, III and IV only
• C) I, II and III only
• D) I, II, III and IV

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Definitions:

Charles Darwin

A British naturalist known for his contributions to the science of evolution and his theory of natural selection.

Natural Selection

The process by which organisms better adapted to their environment tend to survive and produce more offspring.

British Naturalist

A scientist from Britain who studies the natural world, especially plants and animals.

Mutations

Changes in the DNA sequence of a cell's genome, which can lead to variations in physical traits or the development of diseases.