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Kim Smith.
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japime
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Will points still be given in a risk assessment question if I dont state the exact IFRS/IAS number but I mention the idea behind it?
For example, I simply say that inventory should be valued lower of cost and NRV, but I don’t write that it’s IAS 2 Inventory
Also for audit procedures, will points still be given if I say for example “Request management to account for inventory under its appropriate IFRS/IAS” or do I have to go specific with the treatment?
Kim Smith
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Short answer there is NO requirement and no marks for specifying ISAs/IFRSs
japime
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