Which of the following statements about accounting concepts and the characteristics of financial information is correct?(1) The concept of substance over form means that the legal form of a transaction must be reflected in financial statements, regardless of the economic substance.(2) Under the recognition concept only items capable of being measured in monetary terms can be recognised in financial statements.(3) It may sometimes be necessary to exclude information that is relevant and reliable from financial statements because it is too difficult for some users to understand.
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A 1 and 2 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3
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9 .The IASB’s Conceptual Framework for Financial Reporting (the Conceptual Framework) sets out the concepts that underlie the preparation and presentation of financial statements for external users.According to the Conceptual Framework, which of the following describes the inclusion of an amount in the financial statements”?
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