The Effect That IFRIC Interpretation Titled Agreements for the Construction

question 18

Multiple Choice

The effect that IFRIC Interpretation titled Agreements for the Construction of Real Estate will have the following effect for entities that undertake off-the-plan real estate sales is that:

• A) the percentage of completion method of revenue recognition will be discontinued.
• B) the use of the completed contracts method of revenue recognition will be discontinued.
• C) the amount of revenue recognised on such sales will reduce.
• D) the amount of revenue recognised on such sales will increase.

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Definitions:

Melanoma

A type of skin cancer that develops from the pigment-producing cells known as melanocytes, often due to DNA damage caused by ultraviolet radiation.

Diameter

A straight line passing from side to side through the center of a body or figure, especially a circle or sphere.

Ordinary Mole

A common type of skin growth that often appears as a small, dark brown spot and is generally harmless.

Diameter

The length of a straight line passing from side to side through the center of a body or figure, especially a circle or sphere.