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IFRS For Dummies by Steven Collings

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Chapter 4

Accounting for Assets

In This Chapter

arrow Calculating the cost of your assets

arrow Considering agricultural and biological assets

arrow Selling your assets

arrow Taking stock of your inventory

arrow Interpreting intangible and tangible assets

arrow Investing in investment properties

This chapter is all about assets. I’m sure that you’re familiar with the term. You can describe a person as an asset to her organisation, and you can class personal belongings such as savings and bonds as assets. In the world of financial reporting, an asset is something that belongs to an organisation (though the actual definition is a lot more complex than that, as I explain in this chapter). The organisation can have long-term assets that the business uses to help make money (known as non-current assets like plant and machinery) and short-term assets (known as current assets) that you expect to turn into cash (realise) within ...

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