Which of the following statements about the IASB and FASB conceptual frameworks is not correct?

(a) The IASB conceptual framework does not identify the element comprehensive income.

(b) The existing IASB and FASB conceptual frameworks are organized in similar ways.

(c) The FASB and IASB agree that the objective of financial reporting is to provide useful information

to investors and creditors.

(d) IFRS does not allow use of fair value as a measurement basis.

Question added by Deleted user
Date Posted: 2015/08/15

Upvote (1) Views (9) Followers (4) Answers (3) Report Question

by Shahbaz Hayder , Group Head of Finance , Sharif Group of Companies

Option d is the right answer.

by Hossam Mohamed , Senior Accountant , Allied Arab Assurance Brokerage

the correct option is d) IFRS does not allow use of fair value as a measurement basis.

by Sohail Lone , Assistant Manager Audit , Deloitte - United Arab Emirates

D.Correct answer.IFRS allows use of fair value as measurement basis,IFRS13 Fair value measurement

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