In Late 2011, Daisy Company Entered into a Noncancelable Purchase

question 12

True/False

In late 2011, Daisy Company entered into a noncancelable purchase contract for which the contract price is now greater than the market price, and Daisy expects that losses will occur when the purchase is executed in early 2012.Under IFRS, Daisy should recognize a liability and corresponding loss in 2011.