Entity A receives land from the government conditioned that the land will only be used in Entity A’s primary business activities and should never be sold. If in case, Entity A decides not to use the land in its primary business activities, it shall return the land to the government. Which of the following standards is least likely to be relevant in accounting for the land? a. PAS 2 PAS 16 PAS 20 All of these are relevant
Entity A receives land from the government conditioned that the land will only be used in Entity A’s primary business activities and should never be sold. If in case, Entity A decides not to use the land in its primary business activities, it shall return the land to the government. Which of the following standards is least likely to be relevant in accounting for the land? a. PAS 2 PAS 16 PAS 20 All of these are relevant
Chapter15: Property Transactions: Nontaxable Exchanges
Section: Chapter Questions
Problem 4DQ
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- Entity A receives land from the government conditioned that the land will only be used in Entity A’s primary business activities and should never be sold. If in case, Entity A decides
not to use the land in its primary business activities, it shall return the land to the government. Which of the following standards is least likely to be relevant in accounting for the land? a. PAS 2
- PAS 16
- PAS 20
- All of these are relevant
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