IFRS Flashcards
0
Q
How is inventory reported under IFRS?
A
At the lower of cost or NRV
1
Q
T or F
Under IFRS, the impairment loss on the write down of a loan receivable is not recoverable.
A
False.
2
Q
List the 3 methods of assigning value to inventory under IFRS.
A
FIFO
Specific identification
Weighted average
3
Q
What is NRV as defined by IFRS?
A
Estimated SP in ordinary course of business - estimated costs of completion & the estimate costs necessary to make the sale.
4
Q
What are the 2 categories of investments under IFRS?
A
1) debt investments measured at amortized cost
2) all other investments
