Problem-
"Accountants are involved in the issue of measurement; a concept not without difficulty"
Required:
Discuss the above statement. Ensure you explain what is meant by measurement in accounting and what are the issues and problems that arise with measurement. You are also required to briefly explain how details of measurement of property plant and equipment are explained to users of financial statements. Your essay should refer specifically to the New Zealand Framework and Financial Reporting Standards that apply in NZ.
Additional information-
This question relates to Basic Accounting and it is a statement review about accountants involved in the issue of measurement, a concept not without difficulty. This statement has been discussed in detail in the solution.
Word limit- 1300.