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.
E) None of the given answers.

Question

Quizplus · Accepted Answer

The notes to the accounts that relate to income and expense should include a variety of information that incorporates the disclosures required in all standards related to income and expenses. This includes information on the nature and amount of significant items of income and expense, the circumstances that give rise to gains and losses, and any restrictions on the distribution of income or the repayment of capital. It is not limited to only commentary on issues covered by AASB 101 or items that are material enough to affect the profit or loss figure on the face of the statement.

The Notes to the Accounts That Relate to Income and Expense