For the purpose of classifying assets and liabilities as current and non-current, and the normal operating cycle is not clearly identifiable, The normal operating cycle concept shall not apply Its duration is assumed to be twelve months Its duration is to be set by the Financial Reporting Standards Council. Its duration is to be set by the industry in which the entity operate
For the purpose of classifying assets and liabilities as current and non-current, and the normal operating cycle is not clearly identifiable, The normal operating cycle concept shall not apply Its duration is assumed to be twelve months Its duration is to be set by the Financial Reporting Standards Council. Its duration is to be set by the industry in which the entity operate
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For the purpose of classifying assets and liabilities as current and non-current, and the normal operating cycle is not clearly identifiable,
The normal operating cycle concept shall not apply
Its duration is assumed to be twelve months
Its duration is to be set by the Financial Reporting Standards Council.
Its duration is to be set by the industry in which the entity operates.
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