What definition is used for "market" under IFRS and ASPE?
A)The amount it would cost to repurchase an item of inventory.
B)The lowest amount that can be obtained from the sale of inventory.
C)The amount required to be paid to replace an item of inventory.
D)The amount that can be obtained from selling the inventory less selling costs.

Question

Quizplus · Accepted Answer

Both IFRS and ASPE define "market" as the amount that can be obtained from selling inventory less selling costs.

What Definition Is Used for "Market" Under IFRS and ASPE