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Dear Tutor,
Please I need more clarification to the topic of FV measurement.
1 -What is highest and best use and how do we determine this?
2. What is mixed measurement? how do we determine mixed measurement and in what situation can this be used?
3. Also, from the lecture note, it was stated that IFRS 13, FV measurement is not applicable to Inventory under IAS2, but there is past question that required calculation of FV for inventory, how do I determine that?.The topic is very confusing to me.
Thanks for your kind assistance.
1. If you are selling your house it might be worth 500 to a regular buyer or 800 if you are selling to a rich person who wants to knock it down because it is spoiling their view. Use 800.
2. Mixed measurement – PPE can be measured using cost or valuation model.]
3. You would be given FV – it means selling price.
(Please help others searching for this topic by putting each question in a separate thread)
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