If an Accounting Policy Change Is Voluntary,which of the Following

question 33

Multiple Choice

If an accounting policy change is voluntary,which of the following disclosures is required by AASB 108?

• A)The nature of the change.
• B)The reasons that applying the new accounting policy provides reliable and more relevant information.
• C)The amount of the adjustment relating to periods prior to those presented to the extent practicable.
• D)All of the above.

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Definitions:

EPA

The United States Environmental Protection Agency, a federal agency responsible for protecting human health and the environment by regulating pollutants and ensuring compliance with environmental laws.

Unreasonable Risk

A risk that is not justifiable given the current knowledge of a harmful event's likelihood and severity.

CERCLA

The Comprehensive Environmental Response, Compensation, and Liability Act, a U.S. law aimed at the cleanup of sites contaminated with hazardous substances and pollutants.

SARA

An acronym that stands for Superfund Amendments and Reauthorization Act, legislation aimed at addressing hazardous waste and environmental cleanup.