CERTYNEX IFRS ACADEMY

An entity acquires an asset exclusively with a view to resale. Which statement is consistent with IFRS 5?

Classification is automatic at acquisition, with no examination of the one-year period or of availability.

Classification is impossible until the asset has been held for a minimum period.

The one-year criterion does not apply to an acquired asset.

The criterion of a sale expected within one year is assessed from the acquisition of the asset.