If the Fair Value of a Revalued Intangible Asset Can

question 2

True/False

If the fair value of a revalued intangible asset can no longer be determined by reference to an active market,IAS 36 requires the use of the cost model.

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Definitions:

Job-Order Costing System

An accounting system that accumulates costs by individual jobs or orders, rather than processes or departments.

Production Departments

Specific areas within a manufacturing facility where particular aspects of the production process are performed.

Customizing Department

A division within a company that modifies products to meet specific customer requirements or preferences.

Machine-Hours

A measure of the amount of time a machine is operated.