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Answer :
Final answer:
The Liquidation basis of Accounting is used under IFRS when liquidation is imminent.
Explanation:
The Liquidation basis of Accounting is used under IFRS when liquidation is imminent. This means that when an entity is about to liquidate its assets and distribute them to its creditors and shareholders, the liquidation basis of accounting is used to measure and record the assets at their estimated realizable value. It is important to note that the liquidation basis of accounting is not commonly used, as it is only applicable in very specific circumstances where a liquidation is certain.
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