With respect to loans made to a related party,which of the following statement(s)is/are correct in accordance with AASB 124?
A) The details of each aggregate of loans made to key management personnel and their related parties must be disclosed.
B) The details of each aggregate of loans made to a key management person and their related parties whose loan exceeded $100 000 at any time during the period.
C) The details of material loans made to key management personnel and their related parties must be disclosed.
D) All of the given answers.
E) The details of each aggregate of loans made to key management personnel and their related parties must be disclosed and the details of each aggregate of loans made to a key management person and their related parties whose loan exceeded $100 000 at any time during the period.

Question

Quizplus · Accepted Answer

According to AASB 124, both the details of each aggregate of loans made to key management personnel and their related parties and the details of each aggregate of loans made to a key management person and their related parties whose loan exceeded $100,000 at any time during the period must be disclosed. Therefore, option E is the correct answer. Option A and C are incorrect as they do not mention the threshold of $100,000, and option B is incorrect as it only focuses on loans exceeding $100,000 and does not cover all aggregates of loans made to related parties.

With Respect to Loans Made to a Related Party,which of the Following