Which of the Following Is Not One of the Key

question 12

Multiple Choice

Which of the following is not one of the key reasons given by the IASB for issuing 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:

Context Specific

Relating to or depending on the particular circumstances or environment in which something occurs.

Loss Situation

Circumstances characterized by the absence or deprivation of something that was once present or expected, often leading to psychological or emotional responses such as grief or depression.

Triggering Loss

An event or experience that initiates a sense of loss, leading to emotional distress or psychological reactions.

Seasonal Affective Disorder

A type of depression that occurs at a certain time of the year, usually in winter, when natural sunlight is limited.