CAF-1 · Chapter 11 · Question 15 of 15
Which of the following must an entity disclose in the notes regarding its accounting policies?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) The measurement bases used and other significant accounting policies relevant to an understanding of the financial statements.
Explanation
The notes must present information about the basis of preparation of the financial statements and the specific accounting policies used (including measurement bases).
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