What Is the Intent of IFRS 1

question 48

Multiple Choice

What is the intent of IFRS 1?

• A) To establish the guidelines for financial statement presentation
• B) To provide the working definitions of accounting elements
• C) To provide guidance on first-time application of IFRS
• D) To provide the framework for setting international accounting standards

---

Definitions:

Net Domestic Investment

The total investment in a country's economy in a given year, minus the depreciation on existing capital.

Gross Domestic Investment

The total amount of money that is invested within a country’s borders in the form of capital purchases and investments in construction and inventory changes.

Market Value

The current price at which an asset or service can be bought or sold in a marketplace.

Real GDP

The measure of a country's economic output adjusted for price changes, providing a more accurate view of economic growth over time.