Q44. IFRS (International Financial reporting standards) are based on:
(1) Historical cost
(2) Fair value
(3) None of the options
(4) Both historical cost and fair value.
Answer
Fair value
Related Questions on Theory Base of Accounting
Q45.IFRS are:
(1) Rule based accounting standards
(2) Principles based accounting standards
(3) None of the options
(4) Partially rule and partially principles
Answer
Principles based accounting standards
Q46.IAS adopted by IASB and still in force are:
(1)41
(2)29
(3)10
(4)9
Answer
29