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Questions and Answers
Which standard specifically addresses the impairment of assets?
Which standard specifically addresses the impairment of assets?
- IAS 21 – The Effects of Changes in Foreign Exchange Rate
- IAS 36 – Impairment of Assets (correct)
- IFRS 16 – Lease
- IAS 38 - Intangible Assets
Which standard focuses on the accounting for borrowing costs?
Which standard focuses on the accounting for borrowing costs?
- IAS 10 – Events After the Reporting Period
- IAS 2 – Inventory
- IFRS 15 – Revenue from Contracts with Customers
- IAS 23 – Borrowing Cost (correct)
Which standard deals with the accounting for property, plant, and equipment?
Which standard deals with the accounting for property, plant, and equipment?
- IFRS 5 - Non-Current Assets Held for Sale & Discontinued Operations
- IAS 16 - Property, Plant & Equipment (correct)
- IAS 40 - Investment Property
- IAS 38 - Intangible Assets
Which standard is related to the accounting for agriculture?
Which standard is related to the accounting for agriculture?
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Which standard deals with the recognition and measurement of revenue from contracts with customers?
Which standard deals with the recognition and measurement of revenue from contracts with customers?
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Study Notes
IAS/IFRS Standards
- IAS 36 specifically addresses the impairment of assets.
- IAS 23 focuses on the accounting for borrowing costs.
- IAS 16 deals with the accounting for property, plant, and equipment.
- IAS 41 is related to the accounting for agriculture.
- IFRS 15 deals with the recognition and measurement of revenue from contracts with customers.
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