- 15 Marks
Title: FR – L2 – Q11 – Accounting Policies
Define accounting policies as per IAS 8 requirements.
Question
(a) Define accounting policies.
(b) State the main factors that IAS 8 requires management to consider in selecting and applying accounting policies in the absence of any IFRS Accounting Standard.
(c) Discuss, briefly, alternative accounting policies on the following items in financial statements:
(i) Property, plant, and equipment
(ii) Inventories
(iii) Depreciation
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