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IAS 41

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IAS 41

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by P2-D2.
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  • October 22, 2018 at 6:11 pm #479487
    adarsh1997
    Participant
    • Topics: 629
    • Replies: 278
    • ☆☆☆☆

    Hello Chris,

    1.Could you explain why and how in production quotas are intangible assets?
    2. At what value will they be shown in the SOFP?

    Thanks.

    October 28, 2018 at 7:26 am #479998
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6440
    • ☆☆☆☆☆

    Hi,

    A quota is a quantity of a specific good where it’s production is fixed, so you have control over that specific amount of production. It therefore meets the definition of an asset with regards probable inflow of future economic benefits and control.

    It is intangible as it has no physical substance.

    It can then be shown on the SFP if it can be measured reliably.

    Thanks

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