Under IFRS,

Question

Under IFRS,

Quizplus · Accepted Answer

Under IFRS, companies can apply fair value to property, plant, and equipment and natural resources. However, this is an accounting policy choice and companies need to disclose the accounting policy they have adopted. fair value accounting is allowed for property, plant, and equipment only if it provides reliable and relevant information. Natural resources need to be accounted for using the cost model or revaluation model unless fair value cannot be reliably measured, in which case they must be accounted for using the cost model.