Under IFRS, an entire class of property, plant, and equipment may be accounted for according to...
Question:
Under IFRS, an entire class of property, plant, and equipment may be accounted for according to the
| Cost Model | Revaluation Model | |
| A. | No | Yes |
| B. | No | No |
| C. | Yes | No |
| D. | Yes | Yes |
IFRS:
IFRS stands for International Financial Reporting Standards. These standards provide guidance and disclosure requirements for various accounting aspects. These ensure than some principles of accounting are followed universally.
Answer and Explanation: 1
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View this answerThe correct option is (D) Yes, Yes
As per IAS 16 (International accounting standard 16) which deals with Plant, Property and Equipment, initially...
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International Financial Reporting Standards (IFRS)
from
Chapter 7 / Lesson 9
10K
Understand what IFRS is. Learn what IFRS stands for and the meaning of IFRS and IFRS standards. Know more about IFRS with the help of relevant examples.
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