XYZ Corporation has inventory with a cost of $100,000. Due to changes in market conditions, the net realizable value (NRV) of the inventory has decreased to $90,000. The company is applying IAS 2 for inventory […]

When is recognition of a government grant deferred under IAS 20?

What is the primary objective of IAS 20?

A company had $20 million of capitalised development expenditure at cost brought forward at 1 October 20X7 in respect of products currently in production and a new project began on the same date. The research […]

How is an impairment loss calculated under IAS 36?

According to IAS 36, when should an entity test an asset for impairment?

How does IAS 36 define “recoverable amount”?

How should the research costs be treated in the financial statements under IAS 38?

Which of the following is considered an intangible asset under IAS 38?

What is the primary objective of IAS 38?

According to IAS 16, property, plant, and equipment are initially measured at:

How should the results of discontinued operations be presented in the income statement according to IFRS 5?

What is the primary objective of IFRS 5?

LMN Corporation decides to sell a piece of equipment with a carrying amount of $50,000 as of December 31, 2023. The fair value at that date is estimated to be $48,000, and the selling expenses are expected to be […]

A company has the following loans in place throughout the year ended 31 December 20X8. $m 10% bank loan 140 8% bank loan 200 On 1 July 20X8 $50 million was drawn down for construction of a qualifying asset which […]

Which one of the following is not true concerning the treatment of investment properties under IAS 40?