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:

Stakeholders

Individuals or groups that have an interest in the success and progression of a company, project, or endeavor.

Competitors

Entities or individuals that are in rivalry against others for the same objective, such as a market share or a race to a finish line.

Consumer Groups

Organized groups of individuals who come together to champion the rights and interests of consumers, often by advocating for safer, more effective, or less costly products and services.

Mutual Obligation

A reciprocal agreement where each party has duties or responsibilities towards the other, typically seen in contracts or social relationships.