Under IFRS,if Inventory Is Written Down to a New Lower

question 47

True/False

Under IFRS,if inventory is written down to a new lower market value,this cannot be reversed in later periods.

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Definitions:

Valid Assignment

Legally effective transfer of rights, property, or obligations from one party to another.

Consideration

Something of value that is exchanged between parties in a contract, a critical element for the contract to be legally binding.

Implied Warranties

Guarantees that are not written down or explicitly stated but are understood to exist in a transaction, providing assurance that a product or service will meet certain standards.

Assignor

The party in a contract who transfers their rights or interests to another party, known as the assignee.