The Fair Value of a Non-Current Asset Is Defined in IAS

question 36

True/False

The fair value of a non-current asset is defined in IAS 16 as the gross amount for which the asset can be sold when the entity is preparing to liquidate.

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Definitions:

Phone System

A multi-line communication system typically used in businesses for facilitating calls, voicemails, and conferencing.

Rationalization

The process of offering a logical or rational explanation for behaviors or attitudes that may otherwise appear irrational.

Socially Acceptable

Behaviors or practices widely accepted and approved by society or a specific societal group.

Real Reasons

The actual, underlying motives or causes for an action, which may differ from those that are stated or apparent.