IFRS defines market for lower-of-cost-or market as
A) net realizable value.
B) estimated selling price in the ordinary course of business.
C) replacement cost.
D) replacement cost less costs of disposal.

Question

Quizplus · Accepted Answer

Net realizable value is defined by IFRS as the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale, which aligns with option A.

IFRS Defines Market for Lower-Of-Cost-Or Market as