Asked by Hallie Adair on Jul 07, 2024
Verified
All of the following statements are key reasons given by the IASB for issuing a standard on fair value measurement except for:
A) To require the use of fair value when accounting for all non-financial assets.
B) 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.
C) To clarify the definition of fair value and related guidance in order to communicate the measurement objective more clearly.
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.
IASB
The International Accounting Standards Board, responsible for developing and issuing International Financial Reporting Standards (IFRS).
Fair Value Measurement
Fair value measurement is the process of estimating the price at which an asset or liability could be exchanged in an orderly transaction between market participants at the measurement date.
- Identify the objectives and key reasons for issuing AASB 13.
Verified Answer
SR
Sophia RomeroJul 10, 2024
Final Answer :
A
Explanation :
The IASB did not issue a standard on fair value measurement to require the use of fair value when accounting for all non-financial assets. The other options are all key reasons given by the IASB for issuing a standard on fair value measurement.
Learning Objectives
- Identify the objectives and key reasons for issuing AASB 13.
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