IFRS 3,issued in 2004,eliminated the Use of Which Concept for Reporting

question 40

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:

Situations

Specific instances or sets of conditions that affect individuals or groups at a particular time and place.

Primary Socialization

Is the process of acquiring the basic skills needed to function in society during childhood. Primary socialization usually takes place in a family.

School

An educational institution where children and young people receive formal education through a structured curriculum.

Resocialization

The process by which one's sense of social values, beliefs, and norms are re-engineered, often in a new social environment.