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:

Tax Rate

The percentage at which an individual or corporation is taxed by the government.

Preference Shares

A type of stock that provides holders with priority over common stockholders in the distribution of dividends and assets upon liquidation.

Fair Value

The sum likely to be fetched for selling an asset or the expense incurred to pass on a liability, within a structured deal among participants in the market at the time of assessment.