Question 4 Questo Which of the following statements is true regarding the fair value option for valuing financial assets and abilities The fair value otion can be led to a portion of financial instrument e d a Ur nd losses from reporting the value option are reported in other comprehensive income for the period The tale ve ion can be lected on an intrument.by.Instrument basis The fair value option cannot belied to insurance contracts D Questions Under IFRS, which of the following is the first step within the hierarchy of guidance to which management refers, and whose applicability it considers, when selecting accounting policies? Corder the most recent pronouncements of other standard setting bodies to the cent they do not conflict with the IFRS or the ASD Framework Apply a standard from IFRS fit specially relate to the transaction other event or condition Consider the ability of the definitions recognition criteria and measurement concepts in the LASE Framework Arely the requirements in IFRS dealing with similar and related Question 6 What are the Statements of Financial Accounting Concepts intended to establish? Generally accepted accounting principles in financial reporting by business enterprises The meaning of Presenti in accordance with endly accepted accounting principles The oblectives and concerts for use in developing standards of financial accounting and reporting The hierarchyot sources of generally accepted accounting principles