Examlex
Regarding the valuation of operating assets, IFRS allows companies to use fair value.
Preproduction Prototypes
Prototypes developed during the preproduction phase, which are used for testing and validation before full-scale production begins.
Successful Patent Application
The approval and granting of a patent by a patent office, providing legal protection for an invention, its process, or design.
Fair Value Concept
An accounting principle that assesses assets and liabilities at their current market value rather than their historical cost.
Impairment Tests
Assessments carried out to determine whether an asset's carrying value exceeds its recoverable amount, indicating a need for value adjustment.
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