Required disclosure for property, plant, and equipment in the financial statements is based upon

Question

Quizplus · Accepted Answer

The required disclosure for property, plant, and equipment in the financial statements is based upon the nature and function of the assets, rather than their age or depreciation method. This includes disclosure of the type of asset, its use in the business, and any restrictions or encumbrances on the asset. Age and depreciation method are important factors, but they are not the sole basis for disclosure requirements.

Required Disclosure for Property, Plant, and Equipment in the Financial