please help with the assignment to answer the following question : Which currency is Open Safari's presentation
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/666b7e23b45a3_675666b7e23a01e8.jpg)
please help with the assignment to answer the following question :
Which currency is Open Safari's presentation currency? Which currency is Open Safari's functional currency? Note: you will need to read all of the information in this case study to form an opinion on this, which is one of the most difficult issues in this case study. Support your opinion with data.
Is the website an asset of Open Safari? What judgements and estimates are made to measure the cost of the website at initial recognition?
? Do the expenditures on advertising and promotion activities (for example, attending the trade fair) generate an asset as defined for Open Safari (ignore recognition requirements)?
Is the acquisition of Freelands a business combination? ? Are the wild animals on Freelands assets of Open Safari? ? Are the trained staff assets of Open Safari? (Note: Open Safari has incurred significant staff training costs and some staff possess specialised skills that are essential for Open Safari's operations.) ? Which Standards apply when accounting for the acquisition of Freelands and the assets constructed thereon? ? What is the 'unit of account' for the assets constructed on Freelands? ? What judgements and estimates are made to measure the cost of the property, plant and equipment (PPE)?staff housing, lodge, balloons, helicopter?at initial recognition?
? Aretheunusedchemicals,chemicalsprayingequipmentandmachetesassetsof Open Safari
Which, if any, of the assets identified in 20X3 does IFRS prohibit Open Safari from recognizing as an asset (and why)?
? What is the 'unit of account' for the assets recognized by Open Safari for the first time in 20X3?
? Which assets would Open Safari depreciate/amortize for the first time in 20X3?When would depreciation/amortization start?
? Other depreciation/amortization issues (discuss judgements and estimates to be made in respect of each item of PPE even if depreciation of the item will start only in 20X3): o How to determine whether components of that item must be depreciated separately? o
How to determine which depreciation method must be used? o How to determine the residual value? o
How to determine the useful life? o Recognition of government grants?
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/666b7e24126b7_675666b7e23ec6cb.jpg)