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:

Environmental Quality

The state of the physical, chemical, and biological conditions of the environment based on various indicators.

Oligopolistic Agreements

Arrangements among competitors in an oligopoly to set prices, limit production, or divide markets, often to maximize collective profits.

Monopoly Price

The price set by a monopolist, typically higher than in competitive markets, due to the absence of competition in supplying a good or service.

Collusive Agreements

Secret or illegal cooperation or conspiracy, especially between businesses, in order to deceive or gain an unfair advantage.