How Many Members Serve on the IASB

question 13

Multiple Choice

How many members serve on the IASB?

• A)16
• B)18
• C)20
• D)22

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Definitions:

Tax Deductible

Expenses that can be subtracted from gross income to reduce the taxable income.

Warranty Liability

An obligation reported on a company's balance sheet that represents the estimated costs of fulfilling the terms of warranties offered on products sold.

Deferred Tax

The amount of income tax payable/recoverable in future reporting periods in respect of temporary differences and tax losses.

Balance Date

The date on which a company's financial year ends and financial statements are prepared to reflect the company's financial position.