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Sir for a company that develop and also sell houses. How will we measure the value of the houses. Will we use IAS-2 inventory in the construction and selling phase or will consider it as a construction contract and apply ifrs-15 or we will use both at different phases. Please give the reason that why will we use either standards.
Please can you confirm which exam question this is – it will depend on the scenario. Generally in the exam you should be following the principles in our course notes.
Starting point is always IAS 2.
Its not an exam question, actually Iam an ACCA affliate and currently going for interviews, an interviewer asked me this question just to check whether my concepts are clear or not. 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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