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

Question

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IAS 16/AASB 116 specifies that all assets must be accounted for at cost at the time of acquisition. The cost includes all costs necessary to bring the asset to its present location and condition for its intended use. Market value, depreciable value, and net realizable value may be used for assessing the value of an asset in subsequent periods, but not for the initial recognition of the asset.

IAS 16/AASB 116 Specifies That All Assets Must Be Accounted