Which of these statements is correct?
A) The principle qualitative characteristics in the Framework are substantially different to those in the old SAC3
B) Possible measurement bases in the Framework do not include current cost
C) The operational level of the Framework is concerned with the recognition and measurement of the elements of financial statements
D) All of the statements are correct

Question

Quizplus · Accepted Answer

The statement C is correct as the operational level of the Framework deals with the recognition and measurement of financial statement elements. Statement A is incorrect as the principles remained mostly the same, only minor changes were made. Statement B is incorrect as current cost is a possible measurement basis in the framework. Statement D is incorrect as A and B are incorrect.

Which of These Statements Is Correct