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Discuss implications of selection alternative measurement

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According to the Australian Conceptual Framework for Financial Reporting Par. 6.1, "elements recognized in financial statements are quantified in monetary terms. This requires the selection of a measurement basis". In other words, measurement is the process of determining the monetary amounts at which the elements of the financial statements are to be recognized and carried in the balance sheet and income statement. This involves the selection of the particular basis of measurements such as Historical cost, Fair value, Current cost, Value in use and fulfilment value.

Question 1: Identify and evaluate which measurement methods have been used by your approved company on current and non-current assets, and discuss the possible implications of selection the alternative measurement basis on financial reports.

Reference no: EM132532565

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