Under IFRS, If Equipment Is Revalued to Fair Value, Then

question 19

Multiple Choice

Under IFRS, if equipment is revalued to fair value, then:

• A) the equipment's amortization expense per year will not be revised.
• B) the equipment's depreciation expense per year will not be revised.
• C) the equipment's amortization expense per year will be revised.
• D) the equipment's depreciation expense per year will be revised.

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Definitions:

Highest Bidder

The party that offers the most significant amount of money for an item or service in an auction or competitive bidding context.

Second Highest Bid

In auctions, it is the bid that ranks immediately below the highest bid, often significant in auction types where the winner pays the amount of the second-highest bid.

Vickery Auctions

A type of sealed-bid auction where the highest bidder wins but pays the second-highest bid price, encouraging true valuation in bids.

Oral Auctions

Public sales where goods or services are sold to the highest bidder through verbal bids, often conducted in real-time with an auctioneer.