Which of the following statements is not correct in relation to disclosure of property,plant & equipment balances?
A) Paragraph 79 of AASB 116 contains disclosure that are encouraged,but not required in relation to property,plant & equipment.
B) An entity must disclose the useful life estimates for each class of assets.
C) A summary of movements in the revaluation surplus is required to be disclosed.
D) Information on assets carried at revalued amounts must be disclosed on an individual asset basis.
Correct Answer:
Verified
Q8: Speculator Limited acquired a parcel of land
Q9: Troubadour Limited had an existing revaluation surplus
Q10: After an asset has been initially recognised
Q11: Under the cost model,after initial recognition of
Q12: Jackson Limited acquired a bundle of assets
Q14: Replicator Limited acquired an item of Plant
Q15: The net effect of the journal entries
Q16: When a company recognises a depreciation credit
Q17: When using the revaluation model:
A)ongoing record keeping
Q18: Property,plant and equipment includes items that are:
A)intangible
B)held
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