Which are the two most common measures used by IFRS?
A) fair value less costs to sell and cost;
B) value in use and cost;
C) cost and fair value;
D) net realisable value and fair value.

Question

Quizplus · Accepted Answer

The two most common measures used by IFRS are cost and fair value. Cost is the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire an asset at the time of its acquisition or construction. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Which Are the Two Most Common Measures Used by IFRS