Which of the following does not require disclosure in an entity's accounting policy note?
A)the financial reporting framework applied in the preparation of the financial statements
B)the measurement bases used in the preparation of the financial statements
C)the fact that the entity has adopted the accruals basis of accounting
D)a description of the key accounting policies of the entity

Question

Quizplus · Accepted Answer

The fact that the entity has adopted the accruals basis of accounting is a fundamental aspect of financial reporting and therefore does not require disclosure in the accounting policy note. However, the financial reporting framework applied, measurement bases used, and key accounting policies of the entity are important information that should be disclosed.

Which of the Following Does Not Require Disclosure in an Entity's