SFAS No. 33 specified which of the following as the basis of primary financial statements?

Question

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SFAS No. 33 specified that the basis of primary financial statements should be nominal historical cost. This means that assets and liabilities are recorded at the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire them at the time of acquisition. This approach is generally used in financial accounting to provide a reliable and consistent measurement of financial performance and condition over time.

SFAS No 33 Specified Which of the Following as the Basis