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

Question

Quizplus · Accepted Answer

IAS 16 requires all assets to be initially recognized at cost, which includes all directly attributable costs necessary to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. This is consistent with the historical cost principle, which is based on the concept that assets are recorded at their cost when acquired.

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