If a particular transaction is not specifically addressed by IFRS, where should an accountant turn to find a hierarchy of guidance to be considered in the selection of an accounting policy?
A)accounting standards from other countries
B)IAS 8
C)the company's board of directors
D)the company's external auditors

Question

Quizplus · Accepted Answer

IAS 8 provides guidance on selecting and applying accounting policies when IFRS does not specifically address a transaction.

If a Particular Transaction Is Not Specifically Addressed by IFRS