Which of the following is not a limitation of the statement of financial position? Many assets are reported at historical cost. Only "hard" numbers are reported. Disclosure of all pertinent information in the notes. Judgements and estimates are used. Regarding presentation of discontinued operations, under IFRS, on the balance sheet, an entity must classify held-for-sale assets as current or non-current, depending on their nature. available for sale assets. current assets. Assets held for sale do not appear on the balance sheet. The straight-line method of amortization of discounts and premiums for long-term notes reflects the economic reality of the loan. requires more complicated calculations than the effective interest method. is allowed by both IFRS and ASPE. is only allowed by ASPE. Under a consignment arrangement, the risk that merchandise might not sell is held with the consignee. held with the consignor. shared by the consignor and the consignee. There is no risk associated with goods held on consignment. You want to improve the qualitative characteristics of your firm's financial statements. Which of the following options would most likely improve the timeliness of your company's financial statements? increasing the frequency of statements from annually to quarterly decreasing the useful life of property, plant, and equipment from ten years to five increasing the number of disclosures changing the timing of when revenues are recognized