IAS 16/AASB 116 requires all assets must be accounted for on acquisition at:

Question

Quizplus · Accepted Answer

IAS 16/AASB 116 requires all assets to be initially recorded at cost, which includes all expenditures necessary to bring the asset to its present location and condition for its intended use. This includes the purchase price, import duties, and any directly attributable costs such as installation and testing costs. Depreciable value, market value and net realisable value may be relevant for subsequent measurement and recognition of the asset, but not for initial recognition.

IAS 16/AASB 116 Requires All Assets Must Be Accounted for on Acquisition