Significant accounting policies may NOT be
A) selected on the basis of judgement.
B) selected from existing acceptable alternatives.
C) unusual or innovative in application.
D) omitted from financial-statement disclosure.

Question

Quizplus · Accepted Answer

Significant accounting policies must be disclosed in the financial statements to provide users with a basis for understanding the financial information presented. Omitting them from disclosure would not comply with generally accepted accounting principles (GAAP) or international financial reporting standards (IFRS).

Significant Accounting Policies May NOT Be