If a Particular Transaction Is Not Specifically Addressed by IFRS

question 18

Multiple Choice

If a particular transaction is not specifically addressed by IFRS, where should an accountant turn to find a hierarchy of guidance to be consicered in the selection of an accounting policy?

• A)accounting standards from other countries
• B)IAS 8
• C)the company's board of directors
• D)the company's external auditors

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Definitions:

Hypothyroidism

A condition where the thyroid gland does not produce enough thyroid hormones, leading to symptoms like fatigue, weight gain, and cold intolerance.

Gastric Bypass

A surgical procedure that alters the stomach and digestive system to promote weight loss, typically by reducing stomach size and rerouting part of the small intestine.

Clinical Depression

A severe psychological disorder characterized by persistent feelings of sadness, hopelessness, and a lack of interest or pleasure.

Communicating

The process of exchanging information, ideas, thoughts, and feelings through verbal or non-verbal means.