AASB 110 Requires That Adjusting Events That Meet Two Broad

Multiple Choice

AASB 110 requires that adjusting events that meet two broad criteria should be:

A) reflected in the financial information in the statements if it is material and relates to an item that would normally be reflected in the financial statements.
B) always disclosed by way of a note to the financial statements.
C) disclosed as a contingent liability, if an unfavourable event.
D) reflected in the financial statements, if an unfavourable event; disclosed by way of note, if a favourable event.