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Sir can we use IAS -2 inventory on a company like Boeing or Airbus. Like Boeing and airbus manufactures aircraft that take years to complete and deliver.
so can we use IAS-2 inventory to measure the value of the aircrafts or we will measure the value of the aircraft as a construction contract
and also give me the reason that why will we use either standard to measure the aircraft’s value.
It will depend on the exam question scenario. The starting point is always IAS 2, but you may have a contract asset in certain circumstances. You will apply the principles in our course notes.
Its not an exam question, actually Iam an ACCA affiliate and currently going for interviews, I came across this question in an interview. I was a bit nervous and said IAS-2 but also said Im not sure.
Open tuition have always helped me pass my exams, so I thought why not ask this question with one of the best IFRS Experts. So can you help me on this one?
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