Liabilities can only be recognised in the statement of financial position if their value can be measured in such a way that a faithful representation is achieved.

Name: Liabilities can only be recognised in the statement of financial position if their value can be measured in such a way that a faithful representation is achieved.
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Question

Quizplus · Accepted Answer

Liabilities must be measurable to ensure that they provide a faithful representation of the financial position, as per accounting standards.

Liabilities Can Only Be Recognised in the Statement of Financial