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Problem 1: Assume IFRS permits IAG to choose as its accounting policy for aircraft. Which measurement model would provide the most relevant information about aircraft?
(a) Historical cost;
(b) Cost model;
(c) Fair value model;
(d) Revaluation model;
or (e) Expense the historical cost of the aircraft in the period in which it is acquired.
Problem 2: Which IFRS specifies accounting that IAG must follow in accounting for its aircraft?
(a) IAS 2 Inventories;
(b) IAS 16 Property, Plant and Equipment;
(c) IAS 38 Intangible Assets:
(d) IAS 40 Investment Property;
or (e) IFRS 9 Financial Instruments.
Problem 3: Which IFRS measurement model/s is/are available to IAG to account for its aircraft?
(a) Cost model;
(b) Fair value model;
(c) Revaluation model;
(d) Cost model or fair value model (depending on its accounting policy);
or (e) Cost model or revaluation model (depending on its accounting policy).
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