AASB 138 Permits the Use of Revaluation Model for Intangible

question 54

True/False

AASB 138 permits the use of revaluation model for intangible assets if there is an active market to determine fair value.

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Definitions:

Net Worth

The total value of an individual's or entity's assets minus liabilities, indicating financial health or position.

Stewardship

The responsible overseeing and protection of something considered worth caring for and preserving, often related to environmental and natural resources.

Technological-Economic Growth

The expansion of economic activity and advancements in society driven by technological innovation and increased production efficiency.

Market-Based Competition

The rivalry among businesses to attract customers and achieve higher sales and profits within a market economy.