It is an underlying assumption that financial statements are prepared as if the company is NOT a going concern.
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Q8: Under IFRS, a company can never change
Q9: An item is material when it is
Q10: A conceptual framework ensures we have a
Q11: IFRS will be the standard for all
Q12: The conceptual framework ensures that existing standards
Q14: If the company is a going concern,
Q15: An error is considered to be a
Q16: Not every country uses the same conceptual
Q17: Claims on economic resources are defined as
Q18: Canadian and International standards are based on
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