Which of the following statements is false? a. The monetary unit assumption is used under IFRS. b. Under IFRS, companies may use fair value for property, plant, and equipment. c. The FASB and IASB are no longer working on a joint conceptual framework project. d. Under IFRS, the concept of prudence is not considered.
Which of the following statements is false? a. The monetary unit assumption is used under IFRS. b. Under IFRS, companies may use fair value for property, plant, and equipment. c. The FASB and IASB are no longer working on a joint conceptual framework project. d. Under IFRS, the concept of prudence is not considered.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA1: International Financial Reporting Standards
Section: Chapter Questions
Problem 6MCQ
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Which of the following statements is false?
a. The monetary unit assumption is used under IFRS.
b. Under IFRS, companies may use fair value for property, plant, and equipment.
c. The FASB and IASB are no longer working on a joint conceptual framework project.
d. Under IFRS, the concept of prudence is not considered.
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