Examlex
Which of the following are contributing factors for ALL? Select all that apply.
Fair Value Concept
An accounting principle that assesses assets and liabilities at their current market value rather than their historical cost.
Impairment Tests
Assessments carried out to determine whether an asset's carrying value exceeds its recoverable amount, indicating a need for value adjustment.
IFRS
International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide the preparation of financial statements globally.
GAAP
Generally Accepted Accounting Principles are the set of rules, standards, and practices formally accepted as guidelines for financial reporting in the U.S.
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