Under IFRS,when an Asset Is Revalued Upwards,subsequent Depreciation Is Based

question 98

Multiple Choice

Under IFRS,when an asset is revalued upwards,subsequent depreciation is based on: 

• A) the asset's fair value.
• B) the asset's original cost.
• C) the method used for determining depreciation on the company's tax returns.
• D) the amount of future cash flows the asset is expected to generate.

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Definitions:

Independent Contractor

An individual or business that provides goods or services to another entity under terms specified in a contract, not considered an employee for tax and legal purposes.

Liability

A financial obligation or responsibility, often legal in nature, that an entity or individual has to another.

Agent

An individual authorized to act on behalf of another party, known as the principal, in dealings with third parties.

Doctrine Of Respondeat Superior

This legal principle holds an employer or principal legally responsible for the wrongful acts of an employee or agent, performed within the scope of employment or agency.