AASB 124 defines directors as including:
A) Any employee of the entity whether or not they are validly appointed to occupy the position.
B) Any person that directs an entity in its financial and operating activities regardless of whether they are known by the title of director.
C) Any person in accordance with whose instructions the directors of an entity are accustomed to act.
D) Any person that directs an entity in its financial and operating activities regardless of whether they are known by the title of director and any person in accordance with whose instructions the directors of an entity are accustomed to act.
E) None of the given answers.

Question

Quizplus · Accepted Answer

AASB 124 defines directors as including any person that directs an entity in its financial and operating activities regardless of whether they are known by the title of director, and any person in accordance with whose instructions the directors of an entity are accustomed to act. Option A is incorrect as an employee, regardless of their title, does not necessarily have the authority of a director. Option B is incorrect as it is too broad and does not highlight the authority aspect of being a director. Option C is partially correct, as it aligns with the second part of the definition in option D, but it does not cover the first part.

AASB 124 Defines Directors as Including