Consistent with IFRS, if the fair value of convertible bonds for which no active market exists cannot be determined, the value of the bonds can be calculated based on the

present value of the bonds' cash flows using the market interest rate.

Explanation:

IFRS stands for International Financial Reporting Standards. It is a set of the accounting rules as well as standards which determines how the accounting level can be reported in the business statements.

The IFRS is restrictive to the fair value choice option for any financial assets and also the liabilities.

Consistent with the IFRS, the fair value of the convertible bonds can be determined by the present value of the cash flow of the bonds by using the interest rate of the market.

a progressive tax is a tax that imposes a lower tax rate on low-income earners compared to those with a higher income, making it based on the taxpayer's ability to pay. that means it takes a bigger percentage from high income earners than it does from low income people.

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