21) Which accounting concept or principle states that information should be free of biases and neutral? 22) International Financial Reporting Standards (IFRS) became effective in Canada on what...

21) Which accounting concept or principle states that information should be free of biases and neutral?

22) International Financial Reporting Standards (IFRS) became effective in Canada on what date?

23) Accountants are required to use __________ judgment in many situations.

24) Identify and explain the two underlying assumptions of the conceptual framework.

25) Under IFRS, financial statements are prepared on a modified cost basis, with an emphasis on fair value, which is more useful and relevant for users’ decision-making purposes. Businesses may choose one of four recording methods that best reflects their economic activities and reality.

List the four approaches.

26) The Conceptual Framework includes three constraints. Identify the constraints.