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IAS-2 on housing development company

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.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • June 30, 2021 at 4:35 pm #626709
    aadil1234
    Member
    • Topics: 75
    • Replies: 104
    • ☆☆

    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 #626711
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3426
    • ☆☆☆☆☆

    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.

    June 30, 2021 at 8:29 pm #626745
    aadil1234
    Member
    • Topics: 75
    • Replies: 104
    • ☆☆

    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?

    July 1, 2021 at 5:50 am #626762
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3426
    • ☆☆☆☆☆

    Sorry – 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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    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘IAS-2 on housing development company’ is closed to new replies.

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