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

---

Definitions:

Decoded

The process of interpreting or giving meaning to a message, ensuring understanding between the sender and the receiver.

Touching Others

The act of making physical contact with someone else, typically to convey a message, emotion, or support.

Organizational Rank

The hierarchy or level of authority within an organization, determining an individual's responsibilities, decision-making power, and status.

Non-offensive

Characterizes language, behavior, or content that avoids causing upset or insult to others.