Since 2003, What Method for Supplemental Disclosure of Inflation-Adjusted Financial

question 49

Multiple Choice

Since 2003, what method for supplemental disclosure of inflation-adjusted financial statements is required of all companies affected by the IASB standards?

• A)No rule is currently in place that generally requires inflation-adjusted financial statements.
• B)General purchasing power method must be used.
• C)Current replacement cost method must be used.
• D)Companies have the option of using current cost or historical cost.

---

Definitions:

Sodium Bicarbonate

A chemical compound, NaHCO3, commonly known as baking soda, that is used in baking as a leavening agent and can neutralize acids.

Neutralizing

The process of making something ineffective or harmless by applying an opposite force or effect.

Antacids

Medications that neutralize stomach acid to relieve heartburn, indigestion, and stomach discomfort.

Acidotic

A condition characterized by an excess of acid in the body fluids or an excessive loss of bicarbonate, often reflected in decreased blood pH.