AASB 116 defines property,plant and equipment as tangible items that:

Question

Quizplus · Accepted Answer

AASB 116 defines property, plant, and equipment as tangible items that are held for use in the production or supply of goods or services and are expected to be used during more than one period. Option A specifies that the assets are held for rental to others and Option B limits the expectation of use to the current period, which does not fulfill AASB 116's definition. Option D is incorrect as one of the options must be correct.

AASB 116 Defines Property,plant and Equipment as Tangible Items That