Under International Financial Reporting Standards (IFRS), a company who recorded a loss on a purchase commitment in 2015 cannot record a recovery of that loss in 2016 if prices improve.

Question

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Under IFRS, if the conditions that led to the recognition of a loss on a purchase commitment change, such as an improvement in prices, the company can reverse the loss in subsequent periods.

Under International Financial Reporting Standards (IFRS), a Company Who Recorded