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5. The measurement basis commonly used by Islamic entities in the preparation of financial statements is historical cost. The use of the realization/settlement value
5. The measurement basis commonly used by Islamic entities in the preparation of financial statements is historical cost. The use of the realization/settlement value measurement to generate cash (or cash equivalent) value requires periodic revaluation of assets, liabilities and temporary syirkah funds. Mention what principles can be used to ensure reliability in revaluing these temporary syirkah assets, liabilities and funds!
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