1. Accounts receivable and other receivables
The company maintains provision for doubtful accounts for estimated losses resulting from the inability of its customers to make require payments, and such losses have been within management’s expectations.
2. Inventories
a. Valuation. IFRS requires that inventory is carried at the lower of cost or net realizable value. Cost of the certain finished goods that are purchased for resale in relation to semiconductor repair services cannot be determined using the LIFO because the IFRS does not permit the use of LIFO.
b. Impairment. IFRS requires reversal of inventory impairments in the period in which an impairment condition reverses (with the reversal limited to the amount of the original write-down).
3. Property, Plant, and Equipment
a. Cost. After initial recognition, IFRS permits two measurement alternatives: at cost less accumulated depreciation; or, if fair value can be measured reliably, at a revalued amount that equals its fair value at the date of the revaluation less any subsequent accumulated depreciation. An entity must make an accounting policy choice to use either the cost model (that would be consistent with U.S. GAAP) or the revaluation model to measure each class of PP&E. The accounting policy that is selected must be applied to the entire class of PP&E.
b. Depreciation. IFRS requires that each part of an item of PP&E with a cost that is significant in relation to the total cost of the item shall be depreciated separately.
c. Impairment. IFRS requires that an impairment loss is calculated as the excess of the asset’s carrying amount over its recoverable amount. The recoverable amount is the higher of the asset’s (1) fair value less costs to sell and (2) value in use. U.S.
d. Impairment reversal. Under IFRS, long-lived assets (other than goodwill) must be reviewed for any indication that a