1. Investment properties being re-developed as investment properties on behalf of third parties are investment properties.

Select one:

True

or

False

2. Entity A, the investor having a significant influence over an investee, accounts for its property, plant and equipment using the cost model. In applying the equity method, the investee's property, plant and equipment may be accounted for using the fair value model without a need for an adjustment.

Select one:

True

or

False

3. A financial asset and a financial liability are offset and only the net amount is presented in the balance sheet when the entity has a legal right of setoff or an intention to settle the amounts on a net basis or simultaneously.

Select one:

True

or

False

Answer rating: 100% (QA)

Answer False Investment property is land or a building including part of a buildin... View the full answer