Which of the following is not one of the key reasons given by the IASB for issuing a standard on fair value measurement?
A)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.
B)To clarify the definition of fair value and related guidance in order to communicate the measurement objective more clearly.
C)To require the use of fair value when accounting for all assets and liabilities.
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.

Question

Quizplus · Accepted Answer

The IASB did not issue a standard on fair value measurement to require the use of fair value when accounting for all assets and liabilities. While fair value is a commonly used measurement basis, there are certain situations where other measurement bases may be more appropriate.

Which of the Following Is Not One of the Key