IFRS 3Chapter 2Lesson 1
What is a business? Inputs, processes and outputs
Step 1 of 6Learning objectives
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A business is a set of inputs and processes able to contribute to creating outputs; at least one input and a substantive process are needed, and an optional concentration test may allow a quicker conclusion.
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Learning objectives
- Identify, in a case, the inputs, processes and outputs of a set acquired.
- Apply the minimum condition: an input and a substantive process.
- Explain the optional concentration test and what it allows one to conclude.