Which one of the following statements on IFRS is not true?
A)Total depreciation for the period must be disclosed for each major class of asset.
B)The useful lives for each major class of asset must be disclosed.
C)The depreciation rates for each major class of asset must be disclosed.
D)An explanation for the change in accumulated depreciation must be disclosed for each major class of asset.

Question

Quizplus · Accepted Answer

IFRS requires the disclosure of total depreciation for the period for each major class of asset, the useful lives, and the depreciation rates for each major class of asset. However, it does not specifically require an explanation for the change in accumulated depreciation for each major class of asset.

Which One of the Following Statements on IFRS Is Not