IFRS 3, Issued in 2004, Eliminated the Use of Which

question 10

Multiple Choice

IFRS 3, issued in 2004, eliminated the use of which concept for reporting assets and liabilities of an acquired company on the parent company's consolidated financial statements?

• A)Parent company concept
• B)Economic concept
• C)Entity concept
• D)All of the above

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Definitions:

Humans

Homo sapiens, the species of bipedal primates to which all modern human beings belong, characterized by a high level of cognitive ability and an intricate social structure.

Parietal Cortex

A region of the brain's outer layer involved in processing sensory information related to touch, spatial orientation, and body parts positioning.

Right Parietal Lobe

A region of the brain located in the parietal lobe on the right side, involved in processing sensory information and spatial orientation.

Navigating

The process of accurately determining one's position and planning and following a route.