Under International Financial Reporting Standards (IFRS), a company who recorded a loss on a purchase commitment in 2011 cannot record a recovery of that loss in 2012 if price improve.

Question

Quizplus · Accepted Answer

Under IFRS, if the conditions that led to a loss on a purchase commitment change, such as an improvement in prices, the company can reverse the loss in subsequent periods.

Under International Financial Reporting Standards (IFRS), a Company Who Recorded