Which of the principles proposed by the FASB and the IASB's joint project on the recognition and measurement of revenue represent a change of emphasis from the current IASB treatment?
A)Measurement should be reliable
B)The focus is on changes in the value of assets and liabilities
C)The fair value approach has been adopted as a working principle
D)B and C represent a change of emphasis from the current IASB treatment

Question

Quizplus · Accepted Answer

The current IASB treatment emphasizes the reliability of measurement and the focus on historical cost instead of changes in the value of assets and liabilities. The adoption of the fair value approach represents a significant departure from the current treatment. Therefore, options B and C represent a change of emphasis from the current IASB treatment.

Which of the Principles Proposed by the FASB and the IASB's