Chapter 1
Recognition and Measurement
10
AS-30 (
6
)
Which process is used to determine the amount at which an item should be recorded on the
financial statements? Which bases of measurement are allowed under IFRS?
AS-31 (
6
)
What are the advantages and disadvantages of the historical cost base of measurement?
AS-32 (
6
)
Explain the concept of fair value measurement. Why is it used by corporations?
AS-33 (
6
)
What is the most common measurement base used under IFRS to value liabilities such as
bonds?
