Under IFRS, it is mandatory to report property, plant, and equipment at historical cost.

Name: Under IFRS, it is mandatory to report property, plant, and equipment at historical cost.
Brand: Quizplus
Rating: 4.7 (26 reviews)

Question

Quizplus · Accepted Answer

Under IFRS, property, plant, and equipment can be reported at historical cost or at revalued amount, which is the fair value at the date of revaluation less subsequent accumulated depreciation and impairment losses. However, the company must choose a policy and apply it consistently.

Under IFRS, It Is Mandatory to Report Property, Plant, and Equipment