Respuesta :
The answer is "A". As refining of debt subsequent to the balance sheet date should be disclosed in summary of significant accounting policies.
What significant accounting policy?
Significant accounting policies are particular accounting methods and principles that a company uses and believes are the most suitable in the present to utilize in order to fairly disclose its financial statements.
Option (a) is correct as Policies should be disclosed in the summary of important accounting policies. The "basis" of profit recognition on long-term building contracts is the only policy in this topic. The summary of important accounting policies does not include the other disclosures, which are accounting specifics that would be included in other footnotes.
Option (b) is incorrect as overview of major accounting policies should not include the future minimum lease payments.
Option (c) is incorrect as expenses for depreciation should be disclosed, but not in the summary of material accounting policies.
Option (d) is incorrect as it shouldn't be included in the overview of important accounting standards, the breakdown of sales by segment should be given.
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