Which of the Following Statements Is CORRECT

question 5

Multiple Choice

Which of the following statements is CORRECT?

• A) IAS 8 Accounting Policies, Changes in Accounting Estimates, and Errors requires that The Framework be followed in the absence of a specific standard or interpretation.
• B) IAS 8 Accounting Policies, Changes in Accounting Estimates, and Errors recommends, but does not require The Framework to be followed in the absence of a specific standard or interpretation.
• C) The Framework is used solely by the IASB when considering new accounting issues.
• D) The Framework is non-binding guidance which does not have to be followed by preparers of financial statements.

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Definitions:

Major Features

Principal characteristics or components that distinguish something from others.

Price Fixing

A practice where competitors agree on selling prices rather than letting competition in the market determine them, often illegal.

Antitrust Policy

Regulations and laws put in place to prevent monopolies, promote competition, and protect consumers from unfair business practices.

Treatment

An intervention or set of interventions, typically in a medical or psychological context, designed to address a health problem or disorder.