Which statement is not correct?
A)Under the successful efforts method, costs of all projects remain capitalized.
B)ASPE allows either the full cost or successful efforts method to be used.
C)Under the successful efforts method, only costs of successful projects remain capitalized.
D)Under IFRS, all costs must be expensed if a mineral site is not worthy of further exploration.

Question

Quizplus · Accepted Answer

Under the successful efforts method, only costs of successful projects are capitalized. Costs of unsuccessful projects are expensed immediately.

Which Statement Is Not Correct