Which of the following is correct with respect to the accounting for "investment properties"?
A)Under IFRS, fair values must be disclosed if the cost model is used.
B)Under ASPE, fair values must be disclosed if the cost model is used.
C)Under IFRS, either the revaluation or fair value model may be used.
D)Under ASPE, either the revaluation or fair value model may be used.

Question

Quizplus · Accepted Answer

Under IFRS, if the cost model is used for investment properties, the fair value of the properties must still be disclosed in the notes to the financial statements. ASPE does not have specific standards for investment properties like IFRS does.

Which of the Following Is Correct with Respect to the Accounting