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Which asset measurements in conventional financial statement

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Reference no: EM132757039

Problem 1: Asset measurements in conventional financial statements...

a) are confined to historical cost                              c) reflect several financial attributes

b) are confined to historical cost and current cost       d) do not reflect output values

Problem 2: Which of the following statements is incorrect regarding the provisions of PFRS 1?

a) The first-time adopter shall select its accounting policies based on the latest versions of PFRS as at the current reporting date.

b) Accounting policies based on the latest versions of PFRSs are applied to the current period financial statements while those based on earlier versions of PFRS are applied to the comparative financial statements

c) The selected policies are applied to all financial statements presented together with the first PFRS financial statements.

d) Early application of PFRS that have not yet become effective as of the current reporting period is permitted but not required.

Reference no: EM132757039

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