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IFRS Reflection in the financial statements of changes in accounting

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 vinod saini asked about 1 year ago

What is Method for reflecting changing prices in IFRS Reflection in the financial statements of changes in accounting ?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Biswajit Mondal answered about 1 year 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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