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:

Gambling Illegal

The prohibition by law of the practice or act of wagering, betting, or playing games of chance for money or other stakes.

Exculpatory Clause

A contract provision that releases one party from liability or legal consequences of their actions to another party involved.

Release

In legal terms, an agreement where one party frees another from liability, claims, or demands.

Contract of Adhesion

A standard form contract prepared by one party, with little or no opportunity for the other party to negotiate more favorable terms.