Disclosure information under AASB 124 is aggregated by:
A) forex currency base, size of the transaction and class of related party.
B) size of the transaction, type of transaction and frequency of the transaction.
C) type of transaction, nature of terms and conditions and class of related party.
D) nature of terms and conditions, class of related party and frequency of the transaction.

Question

Quizplus · Accepted Answer

According to AASB 124, information about related parties should be disclosed using the following categories: Type of transaction, nature of terms and conditions, and class of related party. This shows that option C, which includes all three of these categories, is the best answer. Option A is incorrect because it only includes currency base, which is not a required disclosure category. Option B is incorrect because frequency of the transaction is also not a required disclosure category. Option D is incorrect because it omits the required disclosure category of type of transaction.

Disclosure Information Under AASB 124 Is Aggregated By