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Question 3 : Gasnature
1) b) Sir can you explain me why contract with Agas should not be accounted for under IFRS 9 ?????
2) c) ii) Sir can you help me in identifying the accounting standard under which drilling cost should be treated and why drilling cost have been capitalised ???
Hi,
I’d totally ignore part (b) as it isn’t worth the time or the effort to even think about understanding.
Would the drilling costs not be capitalised as part of IAS38 Intangibles? The costs are bringing potential future benefit to the business whereby if successful the gas is found and then sold.
Thanks
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