A Partner May Pursue His or Her Own Interest Without

question 81

True/False

A partner may pursue his or her own interest without automatically vio?lating the fiduciary duties that he or she owes to the firm.

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Definitions:

Investment Property

Real estate property that has been purchased with the intention of earning a return on the investment through rental income, the future resale of the property, or both.

AASB 140

The Australian Accounting Standards Board regulation relating to the accounting for investment property.

IAS 40

A standard issued by the International Accounting Standards Board related to the accounting for investment property.

AASB 116

An Australian Accounting Standards Board standard detailing the accounting treatment for property, plant, and equipment.