If a Particular Transaction Is Not Specifically Addressed by IFRS

question 2

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 considered 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:

Organic Management

A holistic approach to managing organizations that emphasizes flexibility, a decentralized structure, and the integration of humanistic values into business practices.

Organizational Leadership

The process of influencing and guiding individuals or groups within an organization to achieve goals and objectives through effective decision-making and strategy formulation.

Critical Thinking

The intellectually disciplined process of actively and skillfully conceptualizing, applying, analyzing, synthesizing, and/or evaluating information gathered from observation, experience, reflection, reasoning, or communication.

Problem-Solving

The process of identifying a problem, finding alternatives for dealing with it, and then selecting and implementing a solution.