hedge accounting is consistent with this overarching requirement for truth.

In IFRS, the conceptual framework indicates appropriate accounting when a more specific accounting standard does not apply. True False

Which is NOT a criteria for recognition of financial information in the IFRS Conceptual Framework? A) The item is measurable without a high degree of uncertainty B) The amount must be measured at historical cost. C) The item provides relevant information about the element D) The item provides a faithful representation of the element.

Question: Why is it that fair value's are thought to be more relevant in some financial reporting situations? Please Explain.

Don't want Ai Solution

The following statement describes an accounting concept. In conditions of uncertainty more confirmatory evidence is required about the existence of an asset or a gain than about the existence of a liability or a loss.' The accounting concept which governs the above is the • A. Accruals concept • B. Dual aspect concept C. Going concern concept D. Separate entity concept. E. Materiality concept F. Prudence concept'

Which of the following is not a required condition for utilizing hedge accounting? The hedge must be: Multiple Choice   highly effective.   effective at the inception of the hedge term.   effective at the end of the hedge term.   perfectly effective.

Fair Value Accounting: Q. How does fair value accounting differ from historical cost accounting? Discuss the advantages and challenges of using fair value in financial reporting

Which one of the following recognises the idea that assets and income should not be overstated while liabilities and expenses should not be understated :A. Matching principle,B. Accrual concept,C. Principle of prudence.D. Consistency concept.

How is a financial statement under IFRS different from GAAP? How is it the same?