Explain the process of lcnrv

Reference no: EM133285106

Question - Financial Accounting Discussion

Q1- IFRS requires capitalizing actual interest (with modification) in self-constructed assets. What are the five steps necessary to meet IFRS requirement.

Q2- A Company abandons the historical cost principle and adopts the LCNRV method of valuing inventory. Explain the process of LCNRV.

Q3- Long-lived tangible asset are associated with either depreciations, impairments or depletions. Explain why companies revalue such assets on an annual basis, and give examples on depreciations, impairments and depletions.

Reference no: EM133285106

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