Under International Financial Reporting Standards (IFRS), a Company Who Recorded

question 31

True/False

Under International Financial Reporting Standards (IFRS), a company who recorded a loss on a purchase commitment in 2011 cannot record a recovery of that loss in 2012 if price improve.

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Definitions:

Seriousness

The condition or quality of being of significant importance or gravity.

Appraisal

the act of evaluating or estimating the nature, quality, or significance of something, often involving judgment or assessment.

Emotion

A complex state of feeling that results in physical and psychological changes that influence thought and behavior.

Interpretation

The act of explaining or understanding the meaning or significance of something.