What treatment of revenue recognition is required by NZ IAS 41? Select one: a. Revenue should be recognised in the stat
Posted: Thu May 19, 2022 2:49 pm
What treatment of revenue recognition is required by NZ IAS
41?
Select one:
a. Revenue should be recognised in the statement of
comprehensive income on the sale of the asset. Losses should be
recognised as a result of a write-down to recoverable amount.
b. Changes in the net market values of biological assets
that relate to volume changes must be recognised as revenues or
expenses as appropriate in the profit and loss statement.
c. Increments and decrements in the net market values of
biological assets must be recognised as revenues or expenses in the
profit and loss statement for the financial year in which the
increments or decrements occur.
d. Changes in the current replacement cost of biological
assets should be treated as adjustments to the asset revaluation
reserve. Revenues should be recognised on the sale of the asset and
matched against the replacement cost of the asset sold.
41?
Select one:
a. Revenue should be recognised in the statement of
comprehensive income on the sale of the asset. Losses should be
recognised as a result of a write-down to recoverable amount.
b. Changes in the net market values of biological assets
that relate to volume changes must be recognised as revenues or
expenses as appropriate in the profit and loss statement.
c. Increments and decrements in the net market values of
biological assets must be recognised as revenues or expenses in the
profit and loss statement for the financial year in which the
increments or decrements occur.
d. Changes in the current replacement cost of biological
assets should be treated as adjustments to the asset revaluation
reserve. Revenues should be recognised on the sale of the asset and
matched against the replacement cost of the asset sold.