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If inventories takes substantial period of time to get ready for its intended use or sale. In this case, can it be treated as Qualifying Asset as per IAS23
A. True, It can be
B. False, Inventories cannot be treated as Qualifying Assets event it takes substantial period of time as per IAS23
Note --Two types of assets that would otherwise be qualifying assets are excluded from the scope of IAS23:
1. qualifying assets measured at fair value, such as biological assets accounted for under IAS41 Agriculture.
2. inventories that are manufactured, or otherwise produced, in large quantities on a repetitive basis and that take a substantial period to get ready for sale (for example, maturing whisky).
Answer.......>>>>>
B. False, Inventories cannot be treated as Qualifying Assets event it takes substantial period of time as per IAS23
ANSWER ( B ) Inventories can not be treated as qualifying asserts
" Qualifying Asset" means an asset which takes a substantial period of time to get ready for its intended use or sale. As an example we can say Power plant, Toll Bridge etc.
But in case of Inventory which are used on repetitive basis or over a short period of time are not qualifying assets. In other hand inventories which take a considerable period of time to bring to a salable condition will be treated as " Qualifying Asset "
B.>>>>>>>>> False, Inventories cannot be treated as Qualifying Assets event it takes substantial period of time as per IAS23
FALSE.....................................
False. Inventories have to be dealt with their respective Standard.
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