International Financial Reporting Standards (IFRS)allow accounting for tangible and intangible assets at fair value by:
A)Reapplication.
B)Reconsideration.
C)Revaluation.
D)Redefinition.

Question

Quizplus · Accepted Answer

IFRS allows for the revaluation of tangible and intangible assets to fair value, which involves a restatement of the asset's value on the balance sheet. This is done by considering the current value of the asset in the market, rather than relying on its historical cost. This is known as revaluation and is the correct choice in this scenario.

International Financial Reporting Standards (IFRS)allow Accounting for Tangible and Intangible