Which statement is correct about debtinstruments?

A.

A contract that gives the holder the residual interest in an entity.

B.

A contract that gives the holder joint interest in an entity.

C.

A contract that is not an equity instrument or a derivative.

D.

A contract whose value changes according to a specified variable.

Which statement about the cost recovery method iscorrect?

A.

The method recognizes revenue and expenses in proportion to the degree of progress.

B.

This method is the preferred method for recognizing revenue.

C.

This method defers any profit until the contract is completed.

D.

The method recognizes contract revenues on a cash basis.

What disclosures are required under IFRS for constructioncontracts?

A.

Method of revenue recognition.

B.

Contract revenue recognized in the period.

C.

Method used to determine the percentage complete in the period.

D.

All of the above are required.