IFRS 3,issued in 2004,eliminated the use of which concept for reporting assets and liabilities of an acquired company on the parent company's consolidated financial statements?
A)parent company concept
B)economic concept
C)entity concept
D)All of the above

Question

Quizplus · Accepted Answer

IFRS 3 eliminated the use of the parent company concept for reporting assets and liabilities of an acquired company, requiring the use of the acquisition method instead.

IFRS 3,issued in 2004,eliminated the Use of Which Concept for Reporting