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Question
In: Accounting
Which measurement method would be most appropriate for the following...1. Inventory 2. Shares in a public company 3. Land 4. Lease (finance/capital lease) 5. Long-term receivable
Which measurement method would be most appropriate for the following items: historical cost, fair value, lower of cost and net realizable value, net realizable value, or present value?
1. Inventory
2. Shares in a public company
3. Land
4. Lease (finance/capital lease)
5. Long-term receivable
Required:
Identify the most appropriate measurement method for each item.
Solutions
Expert Solution
1.
Inventory – lower of cost and net realizable value
2.
Shares in a public company – Fair value
3.
Land – Historical cost (ASPE) or historical cost or fair value (IFRS – depends on measurement model selected and use of land e.g. rental property)
4.
Lease – Present value
5.
Long term receivable – Present value
1. Inventory – lower of cost and net realizable value
2. Shares in a public company – Fair value
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