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For SBR do we need to learn the specific IFRS/IAS number e.g. IFRS 13 is fair value measurements?
obviously need to learn the content but just want to check if I need to know IFRS 13 is where I look for info on fair value.
Many thanks
LauraHi.
Its important to memorise IFRS numbers for exam purposes. It will show that you have done your preparation sufficiently and will have a good impression on the checker.
However, if you can’t remember the specific IFRS, you can continue writing your answer by saying, for example, “In accordance with International Financial Reporting Standards, a fair value is an amount agreed to settle a liability in an orderly transaction between willing and able parties”.I hope this helps.
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