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:

Consumption

The use of goods and services by households, one of the primary components of economic activity and growth.

Inheriting

Inheriting involves receiving assets, property, or other legal rights from someone who has passed away, as stipulated by a will or prevailing laws of succession.

Millionaire

An individual whose net worth or wealth is equal to or exceeds one million units of currency.

Well-being

The state of being comfortable, healthy, or happy, reflecting the overall quality of an individual's life.