Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IAS-2 on housing development company
- This topic has 3 replies, 2 voices, and was last updated 4 years ago by
Stephen Widberg.
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- June 30, 2021 at 4:35 pm #626709
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.
June 30, 2021 at 5:09 pm #626711Please 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.
June 30, 2021 at 8:29 pm #626745Its 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?
July 1, 2021 at 5:50 am #626762Sorry – cannot help outside exams.
In any case there is no short answer.
If you want to be prepared for subsequent interviews you should review the summary of IFRS 15 and 16 (both topical) on iasplus website.
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