The notes to the accounts that relate to income and expense should include:
A) only commentary on issues covered by AASB 101.
B) a variety of information that incorporates the disclosures required in all standards related to income and expenses.
C) only information that would have resulted in a different profit or loss figure if it had been included on the face of the statement.
D) only items that were deemed non-material when selecting items to place on the face of the accounts.

Question

Quizplus · Accepted Answer

The best choice is B, as it correctly states that the notes to the accounts related to income and expense should include a variety of information that incorporates the disclosures required in all standards related to income and expenses. This encompasses more than just issues covered by AASB 101 and includes all relevant information that affects the profit or loss figure, whether material or not.

The Notes to the Accounts That Relate to Income and Expense