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How will the Accounting Standards be applied to items?
  • a)
    Uniformly to all items in financial statements.
  • b)
    To items explicitly mentioned by the International Accounting Standards Committee.
  • c)
    To material items only.
  • d)
    To all items, regardless of their significance.
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
How will the Accounting Standards be applied to items?a)Uniformly to a...
The Accounting Standards are intended to apply only to items that are material. This means that they focus on significant aspects of financial reporting and aim to improve transparency and consistency in the treatment of important items.
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How will the Accounting Standards be applied to items?a)Uniformly to all items in financial statements.b)To items explicitly mentioned by the International Accounting Standards Committee.c)To material items only.d)To all items, regardless of their significance.Correct answer is option 'C'. Can you explain this answer?
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