In computing the lower-of-cost-or-market,under IFRS,the market value is defined as the net realizable value,which is essentially the sales price.

Question

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Under IFRS, the term "net realizable value" refers to the estimated selling price of an asset less any costs of disposal. Therefore, market value for lower-of-cost-or-market purposes is essentially the sales price, making the statement true.

In Computing the Lower-Of-Cost-Or-Market,under IFRS,the Market Value Is Defined as the Net