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Financial Reporting and Analysis (2)

Question 1 of 181 Review Answer ON

Q. Which of the following is least likely to be a

Correct
general feature underlying the preparation of
financial statements within the International
Correct answer Your answer
Financial Reporting Standards (IFRS) Conceptual
Framework?
A ✓

A. Matching B
B. Accrual basis
C. Materiality
C

Solution Continue
A is correct. The IFRS Conceptual Framework
specifies a number of general features underlying
the preparation of financial statements, including
materiality and accrual basis. Matching is not one of
those general features; it is a general principle of
expense recognition.

B is incorrect because accrual basis is one of the

general features underlying the preparation of
financial statements under the IFRS Framework

C is incorrect because materiality is one of the

general features underlying the preparation of
financial statements under the IFRS Framework

Financial Reporting Standards Learning

Outcome
e. Describe general requirements for financial
statements under International Financial
Reporting Standards (IFRS)

Understanding Income Statements

Learning Outcome
d. Describe key aspects of the converged
accounting standards for revenue recognition
issued by the International Accounting
Standards Board and Financial Accounting
Standards Board in May 2014
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