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If the objective of an entity’s business model is to hold financial assets in order to collect contractual cash flows, the entity must hold all of those instruments until maturity.

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The skill of employees, arising out of the benefits of training costs, are most unlikely to be recognisable as an intangible asset, because an entity does not control the future actions of its staff.

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M is a manufacturing company. It owns a headquarters building that used to be fully occupied for internal use. After down-sizing, half of the building is now used internally and half rented to third parties. The lease agreement with the tenant is for five years. Based on the above information, the building as a whole can be considered as a cash-generating unit.

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An entity operates a website that enables customers to purchase goods from a range of suppliers who deliver the goods directly to the customers. Under the terms of the entity’s contracts with suppliers, when a good is purchased via the website, the entity is entitled to a commission that is equal to 10 per cent of the sales price. The entity’s website facilitates payment between the supplier and the customer at prices that are set by the supplier. The entity requires payment from customers before orders are processed and all orders are non-refundable. The entity has no further obligations to the customer after arranging for the products to be provided to the customer. Therefore, we can conclude that the entity is a principal in the contracts.

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When determining an entity’s functional currency, which of the following factors is not considered?

A. The currency that mainly influences sales prices for goods and services (this will often be the currency in which sales prices for its goods and services are denominated and settled).
B. The currency of the country whose competitive forces and regulations mainly determines the sales price of its goods and services.
C. The currency that mainly influences labour, material and other costs of providing goods or services (this will often be the currency in which such costs are denominated and settled).
D. The most frequently used currency in its subsidiaries.

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