Under IFRS, Which of the Following Statements Best Describes the Accounting

question 53

Multiple Choice

Under IFRS, which of the following statements best describes the accounting for intangible assets after acquisition?

• A) They may be accounted for under either the cost model or the revaluation model.
• B) They should be accounted for under the cost model.
• C) They should be accounted for under the revaluation model if an active market exists for the asset.
• D) They should always be accounted for under the revaluation model.

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Definitions:

United States

A country in North America consisting of 50 states and a federal district, known for its significant influence on world economics, politics, and culture.

Oil

A viscous liquid derived from petroleum, crude oil, or plants, used as fuel, in manufacturing, and as a base for many chemicals.

Consumption

The use of goods and services by households or individuals, often measured to understand economic activity and trends.

Economically Depleted

A condition where resources, assets, or energy have been consumed to the point of diminishing returns, affecting economic vitality.