Once an entity elects to value a class of assets using fair value it can switch back to cost basis measurement as long as there is justifiable reason.
Correct Answer:
Verified
Q2: Entities that elect to report plant and
Q3: Positive Accounting Theory suggests that the revalution
Q4: AASB 138 will permit some intangible assets
Q5: The process of discounting future cash flows
Q6: If an asset is subject to depreciation
Q7: The concept of conservatism requires that if
Q8: AASB 116 requires that if it has
Q9: AASB 116 requires entities to review at
Q10: The fair value of a non-current asset
Q11: A sale of property plant and equipment
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