According to IAS 16/AASB 116, an item of property, plant and equipment that qualifies for recognition must
Question:
‘According to IAS 16/AASB 116, an item of property, plant and equipment that qualifies for recognition must be recorded at cost, representing the fair value of any assets given up in order to acquire them. Would it not be better to record the assets acquired at their own fair values rather than at those of the assets given up?’ Discuss this suggestion and explain the rationale behind the accounting standard. Do you agree with this rationale? Why or why not?
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Since the cost system has been adopted in accounting standard IAS 16AASB ...View the full answer
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Related Book For 
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
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