Provide a description of the various measurement bases used
Provide a description of the various measurement bases used
Your business report needs to be concise and informative. In preparing your report, you shouldinvestigate a range of issues:(i) Provide a description of the various measurement bases used in your company’sfinancial statements (you are required to refer to Blackmores’ 2018 annual report) andstate whether Blackmores uses a mixed measurement approach or a singlemeasurement approach.(ii) Critically evaluate the use of a mixed measurement approach versus a singlemeasurement approach (based on fair value) under IFRS. Consider this in light of theobjective of general purpose financial reporting and the primary users of generalpurpose financial statements, and the qualitative characteristics of useful financialinformation. Support your discussion with reference to theories covered in this unit,academic journal articles, and where relevant high quality professional articles andnewspapers.(iii) Provide a recommendation on the future direction the IASB and the AASB should takein regards to measurement, which your CFO can take to the focus group of the AASB.Support your recommendation with reference to theories covered in this unit andacademic journal articles.