Which of the following is not one of the key reasons given by the IASB for a standard on fair value measurement?
A) to establish a single source of guidance for all fair value measurements required or permitted by IFRSs to reduce complexity and improve consistency in their application;
B) to clarify the definition of fair value and related guidance in order to communicate the measurement objective more clearly;
C) to require the use of fair value when accounting for all non-financial assets;
D) to enhance disclosures about fair value to enable users of financial statements to assess the extent to which fair value is used and to inform them about the inputs used to derive those fair values.

Question

Quizplus · Accepted Answer

The IASB has not stated that a standard on fair value measurement is intended to require the use of fair value when accounting for all non-financial assets. Rather, the standard focuses on providing guidance for fair value measurement for assets and liabilities that are already required or permitted to be measured at fair value under IFRSs.

Which of the Following Is Not One of the Key