[Anonymous]

According to the text, IFRS lower of cost or market you take the lower of cost or NRV. Is this cost the original cost or replacement cost?

[Rocky123]

Original cost

The tallest oak in the forest was once just a little nut that held its ground.

AUD-PASS
BEC-PASS
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Rocky123, CPA

[Anonymous]

I believe it's the original cost. It's the same as with GAAP, except instead of using replacement cost with NRV as the floor and ceiling, IFRS just uses NRV (just the ceiling).

You compare the NRV with the original cost. If NRV is higher than cost, use cost. If NRV is lower than cost, use NRV.

[Author]

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