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Dear Sir,
I have seen past year paper answer quoting IAS and IFRS number in answering audit risk question.
May I know is it necessary to quote IAS/IFRS number and title (eg. IAS 38 Intangible asset) in the answer?
Besides, is it a must to include ISA number and title (eg. ISA240 The auditor’s respon….) in the answer?
Thank you. 🙂
So would it be correct to say, for instance,
”According to the accounting standard regarding intangible assets, development costs can only be capitalised if the project is likely to be complete and the product is likely to generate sales.” ??
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