If the Fair Value of a Revalued Intangible Asset Can

question 47

True/False

If the fair value of a revalued intangible asset can no longer be determined by reference to an active market,AASB 136 requires the use of the cost model.

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Definitions:

Fixed Asset Accounts

Accounts that track the purchase, depreciation, and disposal of long-term assets owned by a company.

Office Equipment

Assets like desks, chairs, computers, and printers that are necessary for the operation of an office but are not directly involved in the production process.

Delivery Equipment

Vehicles and other assets used by a business specifically for the purpose of transporting goods to customers.

Statement of Owner's Equity

A financial document that shows changes in the equity of a business over a period of time, including contributions, withdrawals, and net income.