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| Bryce Corp. signed an agreement with Casey, which requires that if Casey does not meet certain contractual obligations, Casey must forfeit land worth $100,000 to Bryce. Bryce’s accountants believe that Casey will not meet its contractual obligations, and it is probable Bryce will receive the land by the end of year 3. Bryce uses IFRS for reporting purposes. How should Bryce report the land in its December 31, year 2 financial statements? A. As a contingent asset in the current asset section of the balance sheet. B. As investment property in the asset section of the balance sheet. C. In a footnote disclosure if the economic benefits are probable. D. As a contingent asset and other comprehensive income for the period. |