Which of These Is Not an Issue Discussed Under the FASB/IASB

question 23

Multiple Choice

Which of these is not an issue discussed under the FASB/IASB joint project on Financial Statement Presentation?

• A)The income statement should include the effects of all changes in net assets and liabilities during the period,other than transactions with owners
• B)Entities should present a single statement of all recognised income and expense items as a component of a complete set of financial statements
• C)For debt and equity instruments held for sale,fair value must be used instead of historical cost
• D)Accounting information should be aimed at decision makers making economic decisions about the entity

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Definitions:

Apprenticeship And Indentured Servitude

A system where a person learns a trade from a skilled employer, historically often without pay but in exchange for food, accommodation, and training.

Decline

A gradual deterioration in condition, quality, or standard.

Republican Citizenship

A form of citizenship that emphasizes civic duty, participation in self-governance, and the upholding of community values over individual interests, often associated with the ethos of the Roman Republic.

Religious Freedom

The right of individuals and communities to practice their religion or belief freely, without government intervention or discrimination.