PAS 21 prescribes disclosure of the following, except forSelect the correct response:O Accounting policy and method of presentationO Exchange differences recognized in profit or loss and OCI.O The fact and reason for a change in functional currencyThe fact and the reason for using different presentation currencyfrom entity's functional currency.Statement 1 - A biological asset or agricultural produce is recognized when itmeets the asset recognition criteria, including the reliable measurement of itsfair value or cost.Statement 2- A biological asset that is previously measured at fair value lesscost to sell is continued to be measured at fair value less cost to sell (cost ofdisposal) until it is disposed of.Select the correct response:Only statement 1 is correctOnly statement 2 is correctBoth statements are correctBoth statements are incorrectWhich of the following is not a related party transactions and should not bedisclose?Select the correct response:O None of theseA person who has control, significant influence or joint control overthe reporting entity.Parent and its subsidiary.Post-employment benefit plan of the employees of either thereporting entity or an entity related to the reporting entityWhich of the following are not related parties?Select the correct response:A parent and its subsidiaryA company and its Chief Executive OfficerTwo or more subsidiaries with the same parentOTwo co-venturers of a common joint venture business

1) PAS 21 does not prescribe disclosure of accounting policy and method of presentation. Therefore,…

PAS 21 prescribes disclosure of the following, except for Select the correct response: Accounting policy and method of presentation Exchange differences recognized in profit or loss and OCI. The fact and reason for a change in functional currency The fact and the reason for using different presentation currency from entity's functional currency. Statement 1 - A biological asset or agricultural produce is recognized when it

PAS 21 prescribes disclosure of the following, except for Select the correct response: Accounting policy and method of presentation Exchange differences recognized in profit or loss and OCI. The fact and reason for a change in functional currency The fact and the reason for using different presentation currency from entity's functional currency. Statement 1 - A biological asset or agricultural produce is recognized when it

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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