Which of the following statements is incorrect regarding notes to the financial statements?
A)IFRS requires specific note disclosures including disaggregation of inventories into classifications such as merchandise, production supplies, work in process, and finished goods.
B)IFRS requires a maturity analysis for receivables.
C)IFRS requires that all notes be clear, simple to understand, and non-technical in nature.
D)All of the choices are correct regarding notes to the financial statements.

Question

Quizplus · Accepted Answer

IFRS does not specifically require that all notes be clear, simple to understand, and non-technical in nature. While clarity is encouraged, the complexity of financial information may necessitate technical language.

Which of the Following Statements Is Incorrect Regarding Notes to the Financial