Which of the Following Statements Is Correct About the Controversial

question 25

Multiple Choice

Which of the following statements is correct about the controversial issues surrounding IFRS 8?

• A) The management approach adopted in IFRS 8 was argued to put preparers' needs ahead of users' needs.
• B) Despite the objections from different parties, all IASB board members at the time unanimously agreed that IFRS 8 should replace IAS 14.
• C) The European Parliament was not able to endorse IFRS 8 due to strong oppositions from European countries.
• D) The proponents of IAS 14 argued that IFRS 8 contains too many mandatory disclosure requirements compared to IAS 14.

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Definitions:

Subsidiary Ledger

A detailed ledger that contains the transaction details of accounts like accounts receivable or payable, which are summarized in the general ledger.

Controlling Account

A general ledger account that summarizes and controls the totals from various subsidiary accounts.

Subsidiary Ledger

A grouping of individual accounts that provide details to support a general ledger account.

Discount Period

The timeframe within which a buyer can pay less than the full invoice amount if payment is made early, typically to encourage prompt payment.