Which of the Following Statements About the Flexibility of IFRS

question 68

Multiple Choice

Which of the following statements about the flexibility of IFRS is not correct?

• A)Flexibility is required because economic activities are complex.
• B)Flexibility means that any interpretation of the rules is correct.
• C)Flexibility requires judgment on the part of the preparers
• D)Flexibility can apply within an industry, and across industries.

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Definitions:

Cardiac Muscle

A specialized type of striated muscle found only in the heart, responsible for pumping blood throughout the body.

Osteons

The fundamental functional unit of much compact bone, encompassing concentric layers of mineralized matrix and a central canal.

Canaliculi

Small, channel-like structures in bone tissue that permit the exchange of nutrients and wastes between blood vessels and osteocytes.

Collagen Fibers

Strong, flexible bundles of the protein collagen that are major components of connective tissue, skin, bone, ligaments, and tendons, providing structure and strength.