Which accounting standard to apply?

At SBR we can often be involved in explaining which accounting standard is to be applied. Here is an example.

A company has bought land and buildings for renovation and sale 10 months later. Explain how this will be classified and accounted! Have a think about the answer to this problem before watching Tom’s explanation where he discusses four possible options – IAS 16 Property Plant and Equipment; IAS40 Investment Property. IFRS5 Non-current Assets Held for Sale and IAS2 Inventory. 

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