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:

Lanugo

The fine, downy hair covering the fetus.

Vernix

The waxy substance that sometimes covers an infant at birth.

Gestation

Pregnancy.

Embryo

The early form of life in the uterus between the stages of blastocyst and fetus.