Under IFRS, Long-Term Operating Assets Must Be Reported on the Balance

question 136

True/False

Under IFRS, long-term operating assets must be reported on the balance sheet at fair value instead of historical cost.

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Definitions:

Investing Activities

Transactions involving the purchase and sale of long-term assets and other investments, not related to the entity's daily business operations.

Financing Activities

Transactions and events that affect long-term liabilities and equity of a company, reflected in the cash flows from financing section of the cash flow statement.

Operating Activities

Activities that are directly related to the day-to-day operations of a company, including sales and expenses.

Net Working Capital

The disparity between an organization's immediate assets and its short-term obligations.