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The following note appears in the financial statements of a company: The financial statements have been prepared on the historical cost basis, except for the

The following note appears in the financial statements of a company: The financial statements have been prepared on the historical cost basis, except for the measurement of certain financial instruments at fair value, and incorporate the principal accounting policies set out below Please discuss in your own words your understanding of this statement in full. Provide examples to support your discussion. (10 Marks)

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