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Are we required to memorize the definition of key terms(such as: residual value, carrying amount, goodwill and so on) in accordance to IFRS or IAS definition?
It’s really quite unrealistic to see how this could be examined – it would be a waste of an mcq and it’s certainly not material of the kind to be in a 15 mark question
Definitions such as these are, in real life, easily checked by opening a book or looking on the net and what’s the ACCA looking for? Parrots?
Thanks a lot sir for your time
I have not seen any past paper questions which asked about the definition of key terms as well.
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