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Dear Sir, kindly help with the following answer statement in BPP book, (Q#4- Further Practice-Camel Telecom)
We’re reporting at 30 June 20X8,
where to use land for development the planning permission is still in process and lawyers expect it to be granted by mid-20X9.
In the answer the land is not valued at this use as permission has not yet been obtained, my doubt is: shouldn’t like the permission just be possible and not necessarily granted at the reporting date?
Camel is a very old but useful question. It was written a long time before IFRS 13.
I would think of IFRS 13 nowadays – highest and best use- so is planning permission likely to be granted at the balance sheet date? would the law currently allow planning permission?
Subjective. 🙂
As you know they are looking for a discussion of the principles – your conclusion may be different to the marking key.
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