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      Question

      Which of the following is required to be disclosed in

      the financial statements about significant accounting judgments and estimates?
      A That they have no effect so no disclosure required Correct Answer Incorrect Answer
      B Nature of judgments and major sources of estimation uncertainty that have significant risk of causing material adjustment in next year Correct Answer Incorrect Answer
      C Only tax related judgments need disclosure Correct Answer Incorrect Answer
      D Only items below threshold need disclosure Correct Answer Incorrect Answer

      Solution

      Ind AS requires disclosure of the judgments, apart from those involving estimations, that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognized in the financial statements, as well as information about key assumptions concerning the future, and other key sources of estimation uncertainty.

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