Walton Co is a government agency that controls Science Limited. Science Limited has two subsidiaries: Physics Limited and Biology Limited. To which entities can Physics Limited apply the disclosure exemption in paragraph 25 of AASB 124?

A) Science Limited only.
B) Walton Co Limited only.
C) Science Limited and Biology Limited only.
D) Walton Co Limited, Science Limited and Biology Limited.

Disclosure Exemption

Situations under which a company is allowed not to disclose certain information that would normally be required by accounting standards.

Government Agency

An organization at the federal, state, or local level that administers specific functions on behalf of the government.

Subsidiaries

Companies that are controlled by a parent company through majority ownership or significant control over management decisions.