Financial-Accounting-and-Reporting Exam Dumps | Venturer Ltd has received fees from venture capital activities and has engaged you as the accountant

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Question 21/34

Venturer Ltd has received fees from venture capital activities and has engaged you as the accountant to prepare the financial report for 31 December 20X0. Unable to find a specific reference to venture capital fees in either the conceptual framework or the accounting standards, you establish the appropriate accounting treatment by

A. consulting with the International Accounting Standards Board.

B. using your professional judgment and referring to generally accepted accounting principles and practice.

C. referring to the fundamental accounting assumptions and conventions.

D. using your professional judgment and referring to the conceptual framework's definitions and recognition criteria.

Question 21/34

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