vinod saini
asked 12 months ago
What is Method for reflecting changing prices in IFRS Reflection in the financial statements of changes in accounting ?
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Biswajit Mondal
answered 12 months ago
The enterprise must select one of two broad accounting methods for reflecting the effects of changing prices:
- General purchasing power approach. Restate financial statements for changes in the general price level.
- Current cost approach. Measure balance sheet items at replacement cost. IAS 15 allows a variety of methods of adjusting income under the current cost approach.
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