Under IFRS 3,which Concept Must Be Used to Report the Assets

question 21

Multiple Choice

Under IFRS 3,which concept must be used to report the assets and liabilities of an acquired company on the parent company financial statements?

• A)parent company concept
• B)equity concept
• C)entity concept
• D)historical cost concept

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Definitions:

Comprehension

The ability to understand and grasp the meaning of something.

Good Character

The possession of virtuous qualities such as integrity, honesty, courage, loyalty, and fairness, reflected in one's behavior and decisions.

Integrity

Firm adherence to a code of moral values.

Corporate Scandals

Instances of unethical behavior, fraud, or legal violations within corporations, often resulting in legal consequences and public controversy.