In Relation to IAS 8 the Two Statements That Are

question 33

Multiple Choice

In relation to IAS 8 the two statements that are correct are:
I When making judgements reference shall be made firstly to the Framework and secondly to standards and interpretations dealing with similar and related issues
II When making judgements reference shall be made firstly to standards and interpretations dealing with similar and related issues and secondly to the Framework
III Material in the Framework is binding on preparers of financial statements
IV Material in the Framework is not binding on preparers of financial statements

• A)i)and iii)
• B)ii)and iii)
• C)ii)and iv)
• D)i)and iv)

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Definitions:

International Quality Standards

Norms and benchmarks set by international bodies that define the criteria for products, services, and systems to ensure reliability, safety, and efficiency.

Continuous Improvement

An ongoing effort to improve products, services, or processes by making incremental improvements over time.

Current Performance

The present level of achievement or output in a particular area or activity.

World-Class Companies

Businesses that are leaders in their respective industries or sectors, demonstrating excellence in quality, performance, and competitiveness on a global scale.