Companies May Choose to Report Plant Assets as a Single

question 29

True/False

Companies may choose to report plant assets as a single amount,with a note to the financial statements that provides detailed information,or companies may provide detailed information on the face of the statement.

---

Definitions:

Fair Value

An estimation of the market value of an asset or liability, reflecting the amount for which it could be exchanged or settled between knowledgeable, willing parties.

Reporting Unit

A component of an organization for which discrete financial information is available and is reviewed regularly by the operations’ segment manager.

SEC

Stands for the Securities and Exchange Commission, which is a U.S. federal agency responsible for enforcing federal securities laws and regulating the securities industry, including stock and options exchanges.