IFRS for SME Flashcards
1
Q
T/F: Goodwill MUST be amortized under IFRS for SME?
A
True
2
Q
Under IFRS for SME which methods can be used to account for an investment in another entity?
A
Cost method or equity method
3
Q
Which inventory method is NOT allowed under IFRS?
A
LIFO (Last in, First Out)
4
Q
T/F: IFRS for SME may be used as an alternative to using OCBOA?
A
True
