In Respect to Accounting for Depreciation,IFRS Uses a "Components" Approach

question 67

True/False

In respect to accounting for depreciation,IFRS uses a "components" approach for assets such as buildings,aircraft,and manufactured equipment.

---

Definitions:

Assign

The act of transferring rights or responsibilities from one party to another, often seen in contracts, leases, and other legal agreements.

Term Deposit

A financial investment where money is locked away for a fixed period of time, earning interest, and can only be withdrawn after the term ends without penalty.

Negligent Misrepresentation

An incorrect or false statement of fact, made without the required care, that misleads the recipient thus causing injury.

Fraudulent Misrepresentation

A false statement of fact made knowingly, or without belief in its truth, or recklessly, intending another party to act upon it, resulting in loss.