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The Conceptual Framework for Financial Reporting permits four alternative measurement bases to be used in the valuation of assets and liabilities. These are: Historical cost
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The Conceptual Framework for Financial Reporting permits four alternative measurement bases to be used in the valuation of assets and liabilities. These are:
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Historical cost
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Current cost
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Realisable (settlement) value
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Present value
Required:
Explain these four measurement bases and give an example of each being used in international financial reporting standards.
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