Explain how IFRS accounting standards and a firm ' s choice of accounting policies and accounting & actuarial estimates are used to determine the
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(19.) Explain how IFRS accounting standards and a firm’s choice of accounting policies and accounting & actuarial estimates are used to determine the values for the following items

in the comprehensive income statement: (a) Reported in cost of sales: the cost of indistinguishable goods such as oil and steel ingots; direct labour and other direct costs; manufacturing overheads. (b) Reported in general administrative (other) expenses: the cost of using up non-current assets; periodic utility expenses paid in arrears and paid in advance; items relating to defined benefit pensions. (c) Reported in net finance (interest) costs: all items of income and expense. (d) Reported in other comprehensive income: items relating to defined benefit pension plans.
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