Under IFRS
A) companies can apply fair value to property plant and equipment and natural resources.
B) companies can apply fair value to property plant and equipment but not to natural resources.
C) companies can apply fair value to neither property plant and equipment nor natural resources.
D) companies can apply fair value to natural resources but not to property plant and equipment.

Question

Quizplus · Accepted Answer

Under IFRS, companies can apply fair value to property plant and equipment and natural resources, as long as certain conditions are met. However, the use of fair value for property plant and equipment is not mandatory and may only be used in limited circumstances. Fair value may be used for natural resources when they are being actively exploited or extracted.