5. Development original and planned investigation undertaken with the prospect of gaining scientific or technical knowledge and understanding. 6. Interim financial reporting is the preparation and presentation of financial statements for a period of not less than one year. 7. Property being constructed or developed on behalf of third parties is considered as Investment Property. 8. Research is the application of research findings or other knowledge to a plan or design for the production of new or substantially improved material, device, product, process, system or service, prior to the commencement of commercial production. 9. Segregation of ssets that are "qualifying assets" from other assets in the statement of financial position is required to be disclosed. 10. Where there is a long aging or maturation process after harvest, the accounting for such products shall be dealt with by PAS 41, Agriculture.
5. Development original and planned investigation undertaken with the prospect of gaining scientific or technical knowledge and understanding. 6. Interim financial reporting is the preparation and presentation of financial statements for a period of not less than one year. 7. Property being constructed or developed on behalf of third parties is considered as Investment Property. 8. Research is the application of research findings or other knowledge to a plan or design for the production of new or substantially improved material, device, product, process, system or service, prior to the commencement of commercial production. 9. Segregation of ssets that are "qualifying assets" from other assets in the statement of financial position is required to be disclosed. 10. Where there is a long aging or maturation process after harvest, the accounting for such products shall be dealt with by PAS 41, Agriculture.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Identify if the statement provided is TRUE or FALSE
Transcribed Image Text:5. Development original and planned investigation undertaken with the prospect of gaining
scientific or technical knowledge and understanding.
6. Interim financial reporting is the preparation and presentation of financial statements for a period
of not less than one year.
7. Property being constructed or developed on behalf of third parties is considered as Investment
Property.
8. Research is the application of research findings or other knowledge to a plan or design for the
production of new or substantially improved material, device, product, process, system or service,
prior to the commencement of commercial production.
9. Segregation of ssets that are "qualifying assets" from other assets in the statement of financial
position is required to be disclosed.
10. Where there is a long aging or maturation process after harvest, the accounting for such products
shall be dealt with by PAS 41, Agriculture.
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