Which of the Following Is Not One of the Key

question 29

Multiple Choice

Which of the following is not one of the key reasons given by the IASB for a standard on fair value measurement?

• A) to establish a single source of guidance for all fair value measurements required or permitted by IFRSs to reduce complexity and improve consistency in their application;
• B) to clarify the definition of fair value and related guidance in order to communicate the measurement objective more clearly;
• C) to require the use of fair value when accounting for all non-financial assets;
• D) to enhance disclosures about fair value to enable users of financial statements to assess the extent to which fair value is used and to inform them about the inputs used to derive those fair values.

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Definitions:

Trichromat

A person with normal color vision.

Dichromat

A person who is sensitive to black–white and either red–green or blue–yellow and hence is partially color–blind.

Bichromat

An individual with the ability to perceive only two of the three primary colors due to a form of color vision deficiency.

Monochromat

A person who is sensitive to black and white only and hence color–blind.