Fixed Assets Paper 7


Which of the following is true about biological assets under IFRS?


Roland Corp. signed an agreement with Linx, which requires that if Linx does not meet certain contractual obligations, Linx must forfeit land worth $40,000 to Roland. Roland’s accountants believe that Linx will not meet its contractual obligations, and it is probable Roland will receive the land by the end of year 2. Roland uses IFRS for reporting purposes. How should Roland report the land?


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