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

IFRS defines market as net realizable value, which is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.

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