Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 2 - Conceptual Framework for Financial Reporting - IFRS Insights - IFRS Concepts and Applications - Page 76: IFRS2-4

Answer

The first challenge relates to measurement techniques; there is no unanimity on the methodology that should be employed. The second obstacle relates to the connotations of assets and liabilities. The third imperilment relates to trading elements, specifically when verifying consequential and pertinent information, which is problematic.

Work Step by Step

The first challenge relates to measurement techniques; there is no unanimity on the methodology that should be employed. The second obstacle relates to the connotations of assets and liabilities. The third imperilment relates to trading elements, specifically when verifying consequential and pertinent information, which is problematic.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.