For the purpose of the initial recognition of an item of property, plant and equipment, the date on which the fair values should be measured is referred to as the:

Question

Quizplus · Accepted Answer

The acquisition date is the correct term used for the initial recognition of an item of property, plant, and equipment, as it refers to the date on which the entity obtains control of the asset and its fair value can be measured.

For the Purpose of the Initial Recognition of an Item